TRADERS ANONYMOUS: Morning Corner 2.22.11

Morning Corner 2.22.11

ES (daily info)
new high 1341.75
trend=up (not for long)
high =1341.75
rev= 1327.75; mid= 1334.75

Turnaround Tuesdays have been laid to rest. New phrase is Tornado Tuesdays. With gold and oil going parabolic this had to eventually happen.

Gold/Silver Ratio (weekly info)
new low 42.697
trend=no
direction=down (2 bars)
low= 42.697
rev= 49.948; mid= 45.823

It's not so much that the price of gold has risen. It's that the price of silver is rising much faster.

This seems appropriate for what should be happening today...

246 comments:

«Oldest ‹Older 201 – 246 of 246 Newer› Newest»

karen said...: British Pound Speculative Longs Largest Since 2007: Speculators remain extremely long CAD, AUD, and GBP. In fact... http://bit.ly/f3pywe; February 22, 2011 at 3:32 PM
Mr Bond said...: You really should listen to me I am smarter than equities.
Plus, I can offer a young lady a yield.....; February 22, 2011 at 3:33 PM
karen said...: oh, sorry, bruce, i forgot : ); February 22, 2011 at 3:33 PM
karen said...: meaning i will wash my mouth out with.. soap?; February 22, 2011 at 3:34 PM
I-Man said...: Alright, one more time...; February 22, 2011 at 3:36 PM
Bruce in Tennessee said...: No, meaning you have the ability to refrain from commenting..; February 22, 2011 at 3:36 PM
karen said...: JJC might be good for a dip.. unless it is in a waterfall decline..; February 22, 2011 at 3:36 PM
karen said...: interesting if true: JoeSaluzzi Joe Saluzzi
Single stock circuit breakers will no longer apply today (they stop after 3:35pm)..not that I am saying anything; February 22, 2011 at 3:39 PM
A fixed income analyst to be named later said...: Very tight stops now. Not in the mood to give up big gains.
This has been a very good swing.; February 22, 2011 at 3:40 PM
karen said...: why aapl doesn't pay a dividend!

http://www.fool.com/investing/general/2011/02/22/why-apple-isnt-paying-a-dividend.aspx

As of September 25, 2010 ... $30.8 billion ... of the Company's cash, cash equivalents and marketable securities were held by foreign subsidiaries and are generally based in U.S. dollar-denominated holdings. Amounts held by foreign subsidiaries are generally subject to U.S. income taxation on repatriation to the U.S.
For perspective, Apple holds around $51 billion in total cash and cash equivalents. More than 60% of its cash hoard, then, is subject to repatriation taxes -- 35% -- if it's ever brought back to the U.S. Add in dividend taxes, and more than 50% of Apple's cash could be devoured by the IRS if paid out to shareholders.

Steve Jobs isn't a jerk. He can add. And you should thank him for it.; February 22, 2011 at 3:40 PM
karen said...: just got a neo-wave email: February 22, 2011 – Today, the U.S. stock market experienced a major selloff, falling more than 2%. According to Glenn Neely, Wave theory expert and founder of NEoWave Institute, this confirms the end of the rally off November 30, 2010’s low and probably the end of the bull market that began at 2009’s low.; February 22, 2011 at 3:43 PM
ben22 said...: Karen,

please be careful with the Neely, that's not welcomed as much as a cartoon is.; February 22, 2011 at 3:47 PM
Jennifer said...: Really weird sell off with the miners today. That's the trouble with miners, sometimes they act like stocks.; February 22, 2011 at 3:51 PM
karen said...: actually, ben, i'm rather <3ing Demark these days..; February 22, 2011 at 3:52 PM
Bruce in Tennessee said...: Ben,

Just wondering. What percentage of your clients funds are spent in fees every year? Average?; February 22, 2011 at 3:53 PM
Bucky the Talking Currency said...: There will be more trouble when I rally next week.; February 22, 2011 at 3:54 PM
karen said...: LB, maybe something of interest for you here: article from FT on irish election
http://bit.ly/hbqpWO

'a vote in a void' I; February 22, 2011 at 3:55 PM
Jennifer said...: a little EOD dip buying here? That last 5 min candle looked like things were turning around.; February 22, 2011 at 3:56 PM
A fixed income analyst to be named later said...: Closed our shorts (EEM/FXI) for a 9% gain.
Sold some AGG and TIP.; February 22, 2011 at 3:59 PM
Jennifer said...: VMW hit hard today. FFIV too.; February 22, 2011 at 3:59 PM
Bruce in Tennessee said...: Nicely done, Fixxy.; February 22, 2011 at 4:01 PM
A fixed income analyst to be named later said...: We are out of trading wonga for the rest of the week now.
Until Thursday or so, anyway.

I guess we will focus on other stuff, like K's ankles....; February 22, 2011 at 4:03 PM
ben22 said...: Bruce,

I don't understand your question? Could you rephrase?

if you are asking about ticket charges, since I pay for my clients trades in my wrap program, I believe we spent around $45-50,000 last year to trade our clients accounts.; February 22, 2011 at 4:03 PM
spoonman said...: Stocks close off the lows of the day.; February 22, 2011 at 4:04 PM
Bruce in Tennessee said...: No, I simply mean...if you invest a dollar for me and at the end of the year you make me 10 cents. How much of that buck and 10 cents will I lose because of fees? Just wondering..; February 22, 2011 at 4:05 PM
Neely Watcher said...: "February 22, 2011 – Today, the U.S. stock market experienced a major selloff, falling more than 2%. According to Glenn Neely, Wave theory expert and founder of NEoWave Institute, this confirms the end of the rally off November 30, 2010’s low and probably the end of the bull market that began at 2009’s low."; February 22, 2011 at 4:06 PM
Anonymous said...: Apologies. Karen already posted that one...; February 22, 2011 at 4:07 PM
ben22 said...: @AT,

lets get crazy here for a minute and entertain something since Neely has called for the start of a bear today, at least 30% down from here according to him.

this is on S&P cash

If the opening gap today was wave 1 down then the retrace up was roughly phi....

from there it would appear we are still in wave 3 or it completed at todays lows and it's likely to be the extended wave

Wave ii of 3 in this count would be that little blip to 1334 around 11 am today, I would assume here you might warn me it retraced more than larger degree wave 2 though.

Wave iii of 3 down stopped around 1:30 and we went into a wave iv of 3 triangle and then that last push to 1312 could be the v of 3 and we are now in wave 4 of 1 down....it shouldn't go any higher than ~1324.

Alright, feel free to rip that up... but I'm curious what you think.

Also, what do you make of CHK stock? Any thoughts on that?

Your charts were G-money yesterday man....very very nice work.; February 22, 2011 at 4:10 PM
I-Man said...: For heavens sake, I hate to fade Sir Neely...

But the I-Man's work points to a LOW tomorrow, 2/23...

NOT a high.

Probably one more heartless bear trap, just to rip their face off. All the studs will be capitulating and wanting to get long after the next one...; February 22, 2011 at 4:10 PM
Jennifer said...: HPQ ouch.; February 22, 2011 at 4:10 PM
I-Man said...: Missed your charts, AT... will give them a peep.; February 22, 2011 at 4:12 PM
Bruce in Tennessee said...: I-Man:

What would happen to Neely's repution if the Middle East calms down in 3-4 weeks, and Bernanke persists with at least QEII and stocks go up? Would that make any difference?; February 22, 2011 at 4:13 PM
karen said...: HP Shares Tank After Hours After Company Delivers Ugly Guidance http://read.bi/hyNO3h; February 22, 2011 at 4:17 PM
Ben22 said...: Bruce,

ok, I see what you are doing, it depends on the clients wrap fee, I charge a few people 2%, I charge others as low as .5%, most are at 1% so you can figure from there in your example, I bill monthly so in the case of 1% clients pay 1/12 of 1% per month, that 1/12 is based on the ADB of the account over each 30 day rolling period.; February 22, 2011 at 4:17 PM
ben22 said...: I-man,

tomorrow could be a low, at least for a bit, we could be in wave 4 as per the simple count I laid out above, but it's not the kind of low that's gonna lead to that March high you've been mapping....we'll see, your lines have been spot on for about a quarter now right?

- Ben; February 22, 2011 at 4:19 PM
Bruce in Tennessee said...: I see. Thanks.; February 22, 2011 at 4:19 PM
ben22 said...: "What would happen to Neely's repution if the Middle East calms down in 3-4 weeks, and Bernanke persists with at least QEII and stocks go up? Would that make any difference?"

eh, didn't ask me, but I can tell you

it's the same exact thing that happened to your boy David Tepper, who took a nice pounding in 2008, losing just under 27% and was likely screamed at by clients, and they demanded redemptions heavily in the fourth quarter of that year, likely the exact opposite today for him since he's made a fortune the last two years, so he's popular again.

so Neely, if he screws up, his subs will go down and thus his income, and then he'll make another good call, and the cycle will repeat.

Realize that some of the worst offenders of 2008, the Pzena's, the Bill Miller's, the Gabelli's

they are all oracles again now, amazing how 20 months of equity rise helps people forget; February 22, 2011 at 4:25 PM
I-Man said...: @ BnT 4:13

I dont know that much about Neely's reputation really, or care much honestly. I've never even seen his work other than what folks have shared here.

Whereas I am a concerned observer of geopolitical, and even macroeconomic events and crosscurrents, I keep it far from my price analysis.

If my price analysis is right, then the news will follow IT, and I dont need to worry about the rest from a trading standpoint.

I'm just saying my work points to a low for tomorrow, not a high... every time this has happened since the November low, we have made an intraday low and ripped the face off the shorts.

Thus, I kinda have to go along with it, and even tho Neely is a badass and his work says its a top, I got to trust what my own work says.

Hey, if we do end up making a low tomorrow, and then the next high is lower... Ahhh... then Neely is right, and so am I.

Totally open to that.

Totally open to anything actually, but I do the price and time work for a reason, and have learned to trust it.

Totally open to a spliff and a cold beer after today. That was some nice "trend"...

Later All,
-I; February 22, 2011 at 4:27 PM
ben22 said...: According to Timer's Digest Neely is one of the best market timers in the world on a 5 and 10 year basis now.

it's been quantified

also, he has charted his performance against WB's since he started his NeoWave stuff

he's cleaned his clock.

most people aren't billiant, Glenn Neely is.; February 22, 2011 at 4:32 PM
I-Man said...: The I is far from brilliant, LOL!!!; February 22, 2011 at 4:33 PM
Anonymous said...: I

I'm also in the far from brilliant club.

Maybe we could be VP's.

- Ben; February 22, 2011 at 4:34 PM
I-Man said...: There are dudes at my firm who dont know who or what Gann or EW is, or draw any pretty shit on charts at all, who kick the shit out of me every day.

Kinda sobering really.

Shit aint rocket science.; February 22, 2011 at 4:35 PM
I-Man said...: Alright, I'm really out.

Peace, Love, Unity.; February 22, 2011 at 4:36 PM
Jennifer said...: I just like to hang with the smart folks.; February 22, 2011 at 4:40 PM
Jennifer said...: True story -- before I left for law school, my esteemed father actually said to me "its better to date someone on the law review than to be on the law review." I think that might have been a response to the ulcer I gave myself in college though.; February 22, 2011 at 4:41 PM
A fixed income analyst to be named later said...: The Bond Report 2.22.11

A female investor reviews the asset classes....

She reflected wistfully... you know, there was a Texan fellow, but he was oily and after a few quick spurts he went down again quickly.

Then there was Mr Goldfinger, shiny and alluring, but kind of cold and metallic, and a girl could never get anything out of him, really.

Mr Stock, well, he was all very exciting to begin with, all his talk about how much Growth he was offering... but when it came to my needs, he didn't really offer anything, and when I called him Small Cap he became a bit soft and then just sort of deflated and went down rather quickly.

Mr Bond, you offer Return of Capital, and you do seem very steady, and the nice thing is, a girl knows you will hold up your end long enough to give her some yield. I want you, Bond....

Corpies: LQD 0.28%; AGG 0.36%; JNK -0.76%; HYG -0.82%
Govies: TLT 1.50%; IEI 0.62%; TIP 0.79%
Munis: IQI -1.77%; MUB -0.47%
Mortgages: MBB 0.34%
Specialty: ZROZ 2.19%; TBT -2.91%; EMB -0.61

Well, there you have it. Ladies prefer Gentlemen who prefer Bonds. We sold some AGG and some TIP today, reducing F/I to 37.5%. We closed our EEM and FXI shorts for a large profit.

Party on.; February 22, 2011 at 4:42 PM

«Oldest ‹Older 201 – 246 of 246 Newer› Newest»

Disclosure/Warning

This blog should not be interpreted as investment advice of any kind. The authors are NOT representing themselves CTAs or CFAs or Investment/Trading Advisor of any kind. The authors may or may not trade in the markets discussed. The authors may hold positions opposite of what may by inferred by this blog.The information contained in this blog is taken from sources the authors believes to be reliable, but it is not guaranteed by the authors as to the accuracy or completeness thereof and is presented here for information purposes only. Commodity trading involves risk and is not for everyone.

TRADERS ANONYMOUS

Morning Corner 2.22.11

246 comments:

Post a Comment

Disclosure/Warning

Fictional Character Quote of the Day:

About this Blog

Blog Archive

Search This Blog

AT's Wave Symbology