A place where a skillful caddy always offers cool contemplation when it comes to your "stick" selection.
I'm getting tired of letting the bulls get away with this...
Creditcane™: I was ambushed on the corner of Wall and Broad.
SPXBullish short day (also a true gap up). Midpoint above EMA(10). Above all SMA's. Above the 14.6% retrace (1319.09). New high on daily 3LB (reversal is 1309.66). QE2infinity. "JBTFD. Don't question it. Just do it."
DXYSpinning top day again. Midpoint above EMA(10). Held the 0.0% retrace (75.63) from 11/4/10. Below all SMA's. No daily 3LB changes (reversal is 76.33).
VIXBearish short day. Midpoint below EMA(10). Back below all SMA's. New low on daily 3LB (reversal is 19.17). Still below monthly 3LB & weekly 3LB mid. Still in the "no fear" zone.
GOLDSpinning top day again. Midpoint below EMA(10). No test of 0.0% retrace. Back above SMA(21). No daily 3LB changes (reversal is 1392.80). Holding above upper trend line. Must have the precious.
AUDJPYBullish long day. Midpoint above EMA(10). Currently above all SMA's. Now above its 85.4% retrace (0.8368). New high on daily 3LB (reversal is 0.8268). Closed at its weekly 3LB reversal.
JNKSpinning top day. Midpoint above EMA(10). Still above all SMA's. Closed above its 50.0% retrace (40.42). Still below lower trend line. New high on daily 3LB (reversal is 40.23).
IQIBullish long day. Midpoint above EMA(10). Back above SMA(89). Holding above its 23.6% retrace (11.68). No daily 3LB changes (reversal is 12.30). Still above its weekly 3LB mid (11.76).
10YR YIELDBearish short day. No test of 0.0% retrace at 37.44. Still above SMA(55). Midpoint above EMA(10). Held the upper trend line. No daily 3LB changes (reversal is 34.04).
SILVERSpinning top day again. Still above all SMA's. Midpoint above EMA(10). No test of 0.0% retrace. Holding upper trend line. New high on daily 3LB (reversal is 36.28).
TLTBullish short day. Midpoint below EMA(10). Back above SMA(21). Still above lower trend line. No daily 3LB changes (reversal is 89.68).
BKXBullish short day. Midpoint above EMA(10). Tested and held SMA(89) & SMA(21). Above its 38.2% retrace (51.48). No daily 3LB changes (reversal is 53.31).
21 comments:
fantastic wrap pic, AR!! LOL..
April 1 May be a repeat of March 1..
Ra-
getting gored by a bull is one thing, but then taking it up the ass?
sheesh. . .
ahab
That last part is Bernanke dealing with the naysayers.
from tradermark (fundmymutualfund.com):
Apparently short of nuclear implosions and/or fears of major European debt meltdown (Ireland, November 2010) the market no longer has the ability to go down. And even those events, only caused 3 weeks of issues. Those are the only two things that could stagger this market even momentarily since Ben Bernanke added 'pushing the stock market up ' as the Fed's 3rd initiative at Jackson Hole, Wyoming late last summer. Since the Fed's two other initiatives (price stability and full employment) are not working, I guess he wanted something much easier to handle. 1 for 3 ain't bad.
V shape is the new normal.... what you knew before 2009 is no longer of use.
@Amen
FWIW
"The Squid" no longer resides at 85 Broad...
200 West are the new digs...
http://en.wikipedia.org/wiki/Goldman_Sachs_New_World_Headquarters
@Amen
Also this... (on silver)...
"New high on daily 3LB (reversal is 36.28)..."
CV happens to think that is INTERESTING... The simple explanation is that ANECDOTALLY, the $36 has been an important battleground (according to a multitude of blogs that I've read)... This has been going on for quite some time now...
So, while I don't know "s*** from shinola", assuming (which isn't always a good thing to do) that is the case... A small RUBICON may have been crossed here (which - at minimum - bears watching)...
Peeps... I'm trying to be HELPFUL here (if anyone cares to pay attention)...
@Amen
From the last comments on the other thread...
My only reference was to D***less bankers (which, I'm pretty sure, covers most of 'em)...
And FWIW... (as far as ZH is concerned)...
I'm pretty sick and tired of the "Blythe Masters is the Wicked Witch of the West" blather...
I've stated it here before...
I don't think that way (re: SILVER) in the least... In fact, I think JPM could give a rats ass about silver...
Why?
Answer: EASY... They could "paper short" silver to their hearts content (and take losses farther up the @** than that poor dude in the foto above - and what the hell would they care)?...
If anything, the 'losses' incurred during the housing collapse taught the banks ONE THING... That is...
"LOSSES will be put on the Fed's balance sheet, monetized, then get added to the tally of the government debt and eventually TAXED from the American middle class"
"PROFITS (of course), will be private"...
---
So - the day that any theoretical JPM/Blythe Masters "paper silver" shorts become untenable, they can just EXPLODE it, let the Fed monetize/vaporize it, then flip the switch and borrow money FOR FREE and bid up the price at will...
I'm simply assuming that the PROCESS in doing that will be long and drawn out (more or less)...
Think of it, the way CV collects nickels...
I can't just go to the bank and say I want a thousand dollars in nickels... They don't friggin have it... And even if I asked for $100, on a regular basis, most banks would put a stop to it rather shortly...
You have to move at a GLACIER pace... Accumulate - Accumulate - Accumulate...
@I-Man
Low Level Radioactivity Found In US Milk, Despite Obama Promise That "Radiation Will Not Reach" America
http://www.zerohedge.com/article/low-level-radioactivity-found-us-milk
---
I wouldn't worry though because Obama promised that radiation would never reach the US (before he bolted for the Southern Hemisphere)...
Maybe it's just iodine (half life of 8 days) radiation... So - no problem...
I doubt anyone here in the US is bothering to test for Pu-239...
Simply because the milk in the fridge might SPOIL sometime within the next 24,000 years...
Wall & Broad is from the movie National Treasure.
@Amen (9:58)
I knew that too... But I didn't happen to be wearing my special "Ben Franklin" issue spy spectacles in that moment...
PARKER LANE bitchez!
Don't mind me... Just taking my "instant recall" out for a walk...
So, I got caught without any cash this evening, even though I told the Pizza delivery people I'd pay with cash.
The driver says: "It's ok, I can just call it in if you give me your card."
So, he calls it in.
But, how am I going to tip this guy?!
So, I go into my office and grab a Silver Franklin 1/2 dollar...I'm in a generous and wild mood.
So, I ask him about tip. He says I can just write it on the receipt and he'll run it back at the shop.
So, I posed him the question: What would you rather have? This Silver Franklin "Half" from 1961 OR a $4 Tip on the card?
I was mostly just checking to see how mainstream the "silver phenomenon" had gone...
The guy, naturally, takes the $4 in fiat via a credit card. The Franklin is worth $12 bucks at least.
Was just sort of a stupid experiment/exchange...
Wonder how many delivery drivers it would take before I get taken out on the Silver coin?
I'd check my statement at the end of the month...
@Anon
That's FANTASTIC!...
& although it's not enough of a representative statistical sampling, it ought to at least be a "STARTER KIT" for anyone who is ON THE FENCE as to whether PM's are in a "bubble" or "blowout" phase or not...
Here's STORY #2...
The last time I went to a local coin dealer to buy physical was in February (just kind of when silver was in it's $31 range)...
I was the ONLY buyer in the shop (roughly 200 ounces that day, from "bars" to junk)...
Probably... I'd say EASILY, there were 5 other people in the shop at that moment who were SELLING (mostly combination of old sterling & coins [junk])... My estimates were that a total of 300 ounces were BOUGHT by the dealer (paying fiat to customers), versus the 200 oz. purchased by me...
Frankly... It's just a story... I don't care if the price is $20, $30, or $80 (as Louise Yamada says)...
I just feel more comfortable holding that (& rice & beans) in my hands, than linen...
(which makes me different from the "pizza boy" [or any others who prefer holding linen])...
Anon. @ 22:15
many, many, many...
I gave a 'Barkeep'/'Captain' a Silver Round (1 oz.)
He looked at it, ~thought it was a ~"Chuck E. Cheese 'token'", threw it in 'the Pail", w/o a 2nd thought, turned back to me w/ a ~"yeah, right, dude, "Thanks, mucho"-type look on his Face...
I turned to my Date, and said to her: ~"Now, you see what I mean about the 'American Middle Class' is set up to be Roasted?"
this was, obv., pre-'006..
ibid.
@AAIP (11:11)
Great timestamp BTW ("clusty" it)...
Bottom line is... These stories ought to tell you that the "bubble" in COMMODITIES is hardly over... And SHOULD - IMO - be rephrased as a BUBBLE IN FIAT (as described in today's thread)...
Peeps SALIVATE for as many FRN's as you hand them (and the "cash back" rewards they get from their plastic purchases)...
Hand them a 1963 JFK?
it's like... WTF? you cheapskate!
What I've been saying... For A LONG TIME on this blog... Is...
The MARKETS are "pricing in" things in gold (& by nature, silver), nowadays... (& since 2000)...
Wrap your head around THAT idea and you'll understand DEFLATION...
Gold IS NOT a commodity... FIAT is a commodity (priced in gold)...
But be my guest and TRADE in fiat all you want...
http://blogs.wsj.com/economics/2011/03/30/fed-to-name-banks-who-sought-funding-during-crisis/
Fed to Name Banks That Sought Funding During Crisis
By Luca Di Leo
The Federal Reserve is set to release a new trove of documents detailing which banks came to it hat-in-hand during and in the aftermath of the financial crisis.
Fed officials have warned that naming the recipients of borrowers from its traditional discount window — which typically makes overnight loans to banks that are short of funds — could make firms more vulnerable in a crisis by making them reluctant to seek help when needed.
The agency resisted making the disclosures until federal courts demanded it, scheduling the document release only after the U.S. Supreme Court declined to intervene.
The Fed will on Thursday release about 25,000 emergency-lending documents spanning a period from Aug. 7, 2007 until March 1, 2010. The data includes details for the peak month of October 2008, a month after Lehman Brothers filed for bankruptcy during the depth of the crisis, when discount-window loans soared to $111 billion.
Going out with a bang: http://www.nytimes.com/2011/03/30/opinion/30barofsky.html?_r=2
Neil Barofsky's Oped in NY Times
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