TRADERS ANONYMOUS: Morning Corner 3.17.11

Morning Corner 3.17.11

Open thread

Feel free to discuss whatever.

227 comments:

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Meredith Whitney said...: http://finance.yahoo.com/news/States-and-cities-face-more-rb-3270044259.html?x=0&sec=topStories&pos=5&asset=&ccode=

States and cities face more rating cuts: Moody's; March 17, 2011 at 7:15 AM
Jimmy Hoffa said...: http://www.cbsnews.com/stories/2011/03/16/national/main20043778.shtml?tag=dis

Union: 19,000 educators get pink slips in Calif.; March 17, 2011 at 7:16 AM
Just Give It Time said...: http://finance.fortune.cnn.com/2011/03/16/staving-off-a-fiscal-crisis-in-japan/

"Credit ratings agencies play a significant role in whether or not a company -- or a country -- falls into fiscal catastrophe. For now, they're all leaving Japan alone.

The three largest credit rating agencies have said that it's too early to decide whether the recent earthquake will lead to downgrades for Japanese sovereign debt. Fitch rates Japan AA, S&P AA-, and Moody's Aa2 and all three will remain unchanged for now."; March 17, 2011 at 7:17 AM
+1 said...: http://globaleconomicanalysis.blogspot.com/

Global Crisis in Leadership Nearly Everywhere You Look; March 17, 2011 at 7:20 AM
Boone Pickens said...: http://www.reuters.com/article/2011/03/17/us-markets-oil-idUSTRE72D01W20110317

LONDON | Thu Mar 17, 2011 5:44am EDT

LONDON (Reuters) - Oil was up over $2 on Thursday as tensions in Saudi Arabia and Bahrain fueled fears of further supply disruption while investors weighed the impact on energy demand from quake-hit Japan.; March 17, 2011 at 7:26 AM
The Swedish Twins said...: Where's Lefty? We haven't seen him either.; March 17, 2011 at 7:29 AM
CV said...: I just got in from melting down nickels in the backyard. Think I'll have a talapia for breakfast.; March 17, 2011 at 7:30 AM
This is why it IS a big deal said...: http://www.msnbc.msn.com/id/42117848/ns/business-world_business/

Quake shows weak link in global supply chains; March 17, 2011 at 7:37 AM
Bruce in Tennessee said...: Bought UPRO today. We'll see.; March 17, 2011 at 8:25 AM
AmenRa said...: Futures seem desperate. We're looking at 1% higher in ES, YM, NQ. Anything to do with the Yen movements from last night?; March 17, 2011 at 8:25 AM
Bruce in Tennessee said...: Amen:

I would disagree with the desperate. I think this is going to be a bonce back rally today, as you often see with a crisis.

..Bought UPRO in 3 accounts this morning. I guess we'll see.; March 17, 2011 at 8:40 AM
Bruce in Tennessee said...: Going to be a massive day in the mine. May not get to comment before lunch once we open....; March 17, 2011 at 8:41 AM
Anonymous said...: Andy-

I see your calm analysis- nothing wrong with playing it how you see it-

but there is no way I would part w/ silver- especially the Kennedy half- last of an era; March 17, 2011 at 8:57 AM
Jennifer said...: DAX on fire this morning...what a difference 12 hours make.; March 17, 2011 at 8:58 AM
karen said...: Good morning.. i have a feeling i am not going to like this day one bit.; March 17, 2011 at 9:06 AM
72bat said...: from last thread...
"Smilla's Sense of Snow"
tight, one of the best reads in many a moon; March 17, 2011 at 9:09 AM
ben22 said...: d wave

keep ur heads

gl; March 17, 2011 at 9:10 AM
Jennifer said...: So...estimates for length of time for D wave lasting? It seems like C was 9 days, right?; March 17, 2011 at 9:16 AM
AmenRa said...: Bruce

I agree but they're trying to make up all of yesterdays losses within the first five minutes of trading.; March 17, 2011 at 9:16 AM
Jennifer said...: This bites...E wave shaping up to happen while I'm on the cruise. Figures.; March 17, 2011 at 9:17 AM
karen said...: Bruce, you were supposed to buy UPRO at the close yesterday.. at the low.. : ); March 17, 2011 at 9:19 AM
Anonymous said...: Jenny-

great lakes cruise? LOL

I've done a few cruises- luxury Aircraft Carriers-
no expenses spared and food to die for:-)!; March 17, 2011 at 9:21 AM
Anonymous said...: J-

sometimes, one has to turn the the ticker-tape Off, and get their 'Cruise' on..

seems like it's one of those Times~

:)

AAIP; March 17, 2011 at 9:22 AM
AmenRa said...: I also think this has to do with being down for the year. With the S&P down, Japan problems worsening and MENA problems intensifying the market implosion was probable.; March 17, 2011 at 9:23 AM
Anonymous said...: hmmm . . .

"Industrial Production Falls 0.1% in February, Estimates Called for It to Rise 0.6%"

let the great expansion continue; March 17, 2011 at 9:24 AM
spoonman said...: A relief rally that also took TLT under 93 would be perfect from my perspective...sold some calls there as a hedge. I have so enjoyed writing covered calls on TLT these last few months, I don't want to stop now.; March 17, 2011 at 9:29 AM
Jennifer said...: Tick never got very high, hourly SPX downtrend line still intact. Interesting.; March 17, 2011 at 9:38 AM
AmenRa said...: ahab

Capacity Utilization also fell to 76.3% vs exp 76.5%; March 17, 2011 at 9:38 AM
AmenRa said...: Jennifer

I noticed that also. Couldn't push it to +1000.; March 17, 2011 at 9:39 AM
karen said...: i have a hunch this is gonna roll over.. look at JJC on a daily.. puts it all in perspective..; March 17, 2011 at 9:41 AM
karen said...: also, gld and slv.. the market isn't going anywhere is it doesn't take them with it.. and pls.. crude over $100 = brakes.

i'm still of the mind that margin has to come out in these uncertain times..; March 17, 2011 at 9:43 AM
AmenRa said...: If you use pivot points the bulls couldn't even get above daily R1 (1275.54). They did manage to retake the weekly S2 (1272.24) though.; March 17, 2011 at 9:44 AM
Anonymous said...: gotta roll- all be good . . .; March 17, 2011 at 9:49 AM
karen said...: look at all the buying of bac, c, and gs.. not.; March 17, 2011 at 9:51 AM
karen said...: slv is making a sweet little h&s on the 2 day chart..; March 17, 2011 at 9:54 AM
Jennifer said...: Karen -- I agree -- look at SPX hourly...still can't break that downtrend line. Firmly trapped beneath the 20 EMA.; March 17, 2011 at 10:09 AM
karen said...: i meant a 4 day chart on slv.. sorry..; March 17, 2011 at 10:16 AM
karen said...: stupidly missed getting YCS by a penny.. i am such an idiot sometimes..

slv still in the h&s unless it gets above 33.80, i think..; March 17, 2011 at 10:18 AM
karen said...: this level is where dia and spy should turn around.. spy will be a bummer above 128.5; March 17, 2011 at 10:20 AM
karen said...: i am totally fascinated at this point.. oops, there goes slv.. it's iffy now..; March 17, 2011 at 10:21 AM
karen said...: one last thing.. slv h&s is really on a 3 day chart.. lol.. i obviously cannot count with all the excitement today.; March 17, 2011 at 10:23 AM
karen said...: ReutersBreakingNews
Libyan army will stop its operations on Sunday to give rebels a chance to surrender - al Arabiya; March 17, 2011 at 10:31 AM
Matthew said...: I have seen a lot of fear mongering from many sources (including here) regarding potential nuclear fallout from the Daiichi plant in Fukushima. Misinformation is generally bad for everyone.

I think that everyone here might enjoy this website, complete with good visuals:
http://web.mit.edu/nse/

You may also find this radiation chart (on site) interesting:
http://mitnse.files.wordpress.com/2011/03/0317-web-radiation.jpg

Remember that these readings were taken at the plant and radiation exposure decays at an exponential rate with distance.; March 17, 2011 at 10:33 AM
ben22 said...: @Jennifer,

gap up today is well within yesterdays range, odds are very high then it's just a pattern gap....iow, not significant. We'll want to look at breadth tonight though. Here's some ideas on when the d wave might end:

http://www.neowave.com/qow/qow-archive-923.asp; March 17, 2011 at 10:37 AM
Bruce in Tennessee said...: karen said...
ReutersBreakingNews
Libyan army will stop its operations on Sunday to give France a chance to surrender - al Arabiya

...Fixed it..; March 17, 2011 at 10:39 AM
CV said...: @Matthew (10:33)

Fear mongering?

But Hugh Hendry & Aston Kucher recommended we all panic!

Who am I to argue with one of the best heggies in the world, and a guy who has Demi Moore wrapped around his arm?; March 17, 2011 at 10:46 AM
karen said...: it just occurred to me why BOJ might prefer strong yen.. they need to IMPORT at the moment..; March 17, 2011 at 10:47 AM
CV said...: Anyway...

No PANIC here... I fully expect my tin foil hat to protect me from harmful fallout...; March 17, 2011 at 10:49 AM
I-Man said...: No "longing" here...; March 17, 2011 at 10:51 AM
karen said...: lowered my limit order for YCS.. may cancel altogether.; March 17, 2011 at 10:51 AM
CV said...: @karen

regardless of what BOJ prefers or not...

The odds, I'd say, are "upped" that bucky substitutes the yens place as the "carry trade" vehicle du jour...

...and all that implies...; March 17, 2011 at 10:52 AM
ben22 said...: btw, considering that BAC, JPM etc etc lost money for only a handful of days last year, one might think it's important that instie distribution accelerated yesterday, it didn't trail off, it just got a lot larger.....

might be important; March 17, 2011 at 10:53 AM
Matthew said...: @ben:

Re: overwriting positions/naked shorting calls on dividend equities.

There is absolutely no scientific basis for my method, but my general rule for writing calls on dividend payers is to make sure the premium is commensurate with the dividend yield over the option life. If it is not, then no option gets written.; March 17, 2011 at 10:56 AM
I-Man said...: No fading Yen neither...

Wouldnt short that with Fisher's money.; March 17, 2011 at 10:56 AM
CV said...: U.S. shows growing alarm over Japan nuclear crisis

http://news.yahoo.com/s/nm/sc_nm/us_nuclear_usa

"The State Department strongly urges U.S. citizens to defer travel to Japan at this time and those in Japan should consider departing," it said."

---

I guess Hilary didn't get the memo...; March 17, 2011 at 10:57 AM
ben22 said...: Matthew,

thanks, that seems like a good rule of thumb to me, I thought I had seen you mention this before.; March 17, 2011 at 11:02 AM
CV said...: Michelle Obama to write book on gardening, healthy eating

http://www.washingtonpost.com/blogs/reliable-source/post/michelle-obama-to-write-book-on-gardening-healthy-eating/2011/03/16/ABbHWTg_blog.html

Oh boy! I was just waiting for someone to teach me how to grow okra in Washington DC while I was vacationing in Spain & Martha's Vineyard!; March 17, 2011 at 11:04 AM
Anonymous said...: Matthew,

could you say more about that Idea?

I'm not sure I'm gathering what you're 'laying out'..

AAIP; March 17, 2011 at 11:16 AM
karen said...: love that little slv h&s.. been a sweet tell for two days now.; March 17, 2011 at 11:17 AM
ben22 said...: Karen,

what time frame are you looking on SLV? on the daily you could argue 3/7 and 3/8 were the head, but no break of neckline.; March 17, 2011 at 11:26 AM
ben22 said...: I have added shorts back again into todays highs....might be a little early, will reassess if we go above 1,300.; March 17, 2011 at 11:31 AM
I-Man said...: I went short at 11718, so you aint alone my friend.; March 17, 2011 at 11:32 AM
ben22 said...: I think US yields have also hit an intermediate term bottom

looks like a gigantic contracting triangle since 2008....much like the market, all corrective waves, no impulses

we'll see.; March 17, 2011 at 11:33 AM
Mel said...: M. Obama needs to read a book on contemporary underwear aesthetics.

Smilla's Sense of Snow...good book...lousy movie. But then there's Julia Ormond. It appears to be a literate crowd here.; March 17, 2011 at 11:34 AM
karen said...: Ben, 3 days on slv chart !! LOL..as for all my posts above about it.. you pick the minutes.. i have ten min up right now.; March 17, 2011 at 11:34 AM
ben22 said...: I'm dead serious when I say this

I truly have no interest at all in those games today, market is way to interesting.

I bet I still sneak a peak later though....ror.; March 17, 2011 at 11:35 AM
CV said...: It appears to be a literate crowd here.

I'm working on "Green Eggs & Ham" as we speak...

But I keep having to put it down because I can only absorb so many bits of knowledge at a time...; March 17, 2011 at 11:37 AM
ben22 said...: CV,

who'd you pick to win, OSU?
I see you aren't real big on PITT

I picked them to go far, that'll make or break one of us....; March 17, 2011 at 11:39 AM
ben22 said...: oh, and while I'm at, and to be very clear...I HATE PITT

Puck Fitt!!!!; March 17, 2011 at 11:40 AM
I-Man said...: Not doing a bracket this year, but watch out for the Richmond Spiders...

And I wouldnt want to play the Heels either... although they stunk it in the ACC tourney, they could be a tough team to play.

And of course, Jah Scotty Hops and the VOLS will be bringing the pain... Big Orange style.; March 17, 2011 at 11:43 AM
Bruce in Tennessee said...: " It appears to be a literate crowd here."

..I know for certain that Lefty tries read his underwear labels every morning so that they won't be put on backwards...

(from the Swedes..); March 17, 2011 at 11:43 AM
Mel said...: Actually CV...my attention span seems to be shorter since advent of internet...I'm not sure I could redo college level English classes.; March 17, 2011 at 11:44 AM
I-Man said...: Clemson is a good team for a 12 seed, also...; March 17, 2011 at 11:45 AM
ben22 said...: Heels....myboys

they got stuck in a bad bracket though

I don't think they can beat Cuse and OSU this year

next year

World Champions

just like the Raiders...assuming there is football

I heard yesterday that Ocho Cinco is trying out for a soccer team.; March 17, 2011 at 11:46 AM
karen said...: ben, there is also a March slv h&s.. neckline is the same @ 33. if 33 breaks, 31 is next.; March 17, 2011 at 11:46 AM
I-Man said...: ODU could take Butler also...; March 17, 2011 at 11:46 AM
CV said...: I took OSU (winning it all)

My Final 4 were: OSU, Duke, Kansas, Florida

Pitt's history in the NCAA's is to "underperform" expectations... So I'm just basing it on that...

See? CV studies charts and history too... It's a shame my interpretations of what I see aren't very popular...

On the subject of "Pitt" (or Pittsburgh - as the case may be)... Super Bowl "losers" don't have a very good track record of having a good season the following year...

Indy was an example from this past year (lost to the Saints in SB then had a mediocre 2010 campaign)... But there are many examples...

Fade the Steelers next year... That is, of course, if there actually IS an NFL season...; March 17, 2011 at 11:47 AM
karen said...: anyway, it needs to happen today to be perfect. okay.. so if you don't want to be long over the weekend.. do you try to get out tomorrow or tip toe to the exit today : ); March 17, 2011 at 11:48 AM
ben22 said...: Karen,

I put some protection on my SLV calls, it's a tiny little position anyway, they are a few months out still, short term there are some problems on that chart but zoomed out it's still bull market, we'll see if anything breaks if it becomes more ominous.; March 17, 2011 at 11:50 AM
ben22 said...: I haven't seen Florida play any games this year

I'm hoping Tom H to the Izzo can work a little magic and win the first two rounds, he's $$$$ in the big dance.; March 17, 2011 at 11:51 AM
CV said...: @I-Man

I have ODU beating Butler... Ought to be a good game...

My "make or break" team is going to be "OAKLAND"... I have them reaching the Sweet 16 as dark horses...

If they lose, my brackets won't recover unless most of the top seeds go all the way...; March 17, 2011 at 11:52 AM
I-Man said...: I think St Johns could make some noise too... I think they take the Zags, and then take BYU.; March 17, 2011 at 11:54 AM
CV said...: Izzo drives me crazy...

If you take him to win because he's Izzo (and they lose), you feel dumb...

But if you FADE him & he wins, you feel even dumber for fading Izzo...

ror; March 17, 2011 at 11:54 AM
CV said...: St. Johns has a hard time "closing" out games...

That's their cryptonite...; March 17, 2011 at 11:55 AM
I-Man said...: I actually think the Vols match up well against Duke and can take them.

If we play our best game and Duke doesnt hit 3s, then the Vols can pull a major shakeup there...; March 17, 2011 at 11:55 AM
I-Man said...: Hard to fade Texas, CV... you think they'll just choke after all those big games they won this year?; March 17, 2011 at 11:56 AM
I-Man said...: Could see UCONN going deep...; March 17, 2011 at 11:57 AM
Bruce in Tennessee said...: I-Man,

Didn't know you were a Big Orange fan....somehow I missed it.; March 17, 2011 at 11:58 AM
I-Man said...: Oh yeah, 3rd generation Vols fan.

I have my gramps class ring from '48...; March 17, 2011 at 11:59 AM
I-Man said...: I'm sure if we started trading names we could match some up...

Its a big small town.; March 17, 2011 at 12:01 PM
Bruce in Tennessee said...: http://finance.yahoo.com/tech-ticker/enron-accounting-d.c.-politicians-%22just-wasting-time%22-on-budget-bu%27s-kotlikoff-says-536041.html?tickers=%5EDJI,%5EGSPC,TBT,TLT,XLV,GLD,TIP&sec=topStories&pos=9&asset=&ccode=

Enron Accounting: D.C. Politicians "Just Wasting Time" on Budget, BU's Kotlikoff Says

"Unless and until D.C. politicians are willing to adopt such dramatic, controversial and (some say) draconian measures, "they might as well go home and tell us to leave the country or just print money out the wazoo to pay these bills and leave us with hyperinflation," he laments. "That seems to be the game plan."

...I ain't inviting him to my next party, that's for sure...I think I'll see if Charlie Sheen is free..this guy is no fun.; March 17, 2011 at 12:03 PM
CV said...: @I-Man

They won those games early on...

They're like Pitt... Fade & choke city in the NCAA's

But I know... It was a difficult fade anyway... Just going a little "gut" there...

& I don't see the Vols getting past the first game... Sorry :-(; March 17, 2011 at 12:03 PM
CV said...: Here is the latest news from Libya

نور اگر رفت سایه پیدا نیست نقش دیوار و چشم خیره ما نقش سایه دگر نمی
داننور اگر رفت سایه. ر رفت سایه پیدا نیست نقش دیوار و چشم خیره ما نقش
سایه دگرنمی دان نور اگر رفت سایه پیدا نیست نقش دیوار و چشم خیره ما

Kind of scary. I bet gas prices will go up again.

If I hear anything else I will let you know.; March 17, 2011 at 12:04 PM
Bruce in Tennessee said...: Well, I see yesterday that the AD is not sure if Bruce P. is coming back next year...sounds like he's gone to me.; March 17, 2011 at 12:05 PM
Bruce in Tennessee said...: you left out a comma..; March 17, 2011 at 12:06 PM
karen said...: UUP made a 3 year low today..; March 17, 2011 at 12:06 PM
I-Man said...: Shit, 4th generation actually... I got an old picture of my great grampa with a stopwatch in his hand watching the punter warm up about 3 hrs before an Alabama game way back in the day. (Had to have been in the 30s.)

He used to clock the air time of punts before games, apparently that was his thing.; March 17, 2011 at 12:06 PM
I-Man said...: And I have a homemade VHS tape of the 86 UT/Miami Sugar Bowl...

Pretty proud of that.; March 17, 2011 at 12:09 PM
karen said...: well this chart is painting a picture bulls will like:

$nyupv:$nydnv on the 60 min for the week..; March 17, 2011 at 12:11 PM
Bruce in Tennessee said...: Where I live, we have people who put orange metal roofs on their places of business and even on one home...pretty close to religion..; March 17, 2011 at 12:11 PM
I-Man said...: Pretty sure there are more than a few orange barns and houses in East Tenn...; March 17, 2011 at 12:14 PM
I-Man said...: It would be a HUGE mistake to let Bruce Pearl go IMO...; March 17, 2011 at 12:15 PM
karen said...: Obama prevarication is damaging: The United States has reversed its opposition to a no-fly zone over Libya an... http://on.ft.com/dGmwW5; March 17, 2011 at 12:16 PM
karen said...: watching UUP at low of day.. 21.77 was march 2008 low.. 21.52 was 07 low.; March 17, 2011 at 12:19 PM
Anonymous said...: In Retailing, the old Gag was...

When you too much of what wasn't selling...

Paint it Orange, and send it to Tennessee..

No Orange?, Paint it Red, and send it to Nebraska..

No Red? ...

AAIP; March 17, 2011 at 12:20 PM
karen said...: barry ritholtz
Cramer: Sell Into Today's Rally http://bit.ly/hT1IJF
Can't say I disagree; March 17, 2011 at 12:21 PM
I-Man said...: Paint it Tar Heel Blue and send it to NC...; March 17, 2011 at 12:21 PM
CV said...: @karen

How do you expect him to come to a decision on anything?

He's been busy filling out his brackets...

http://www.youtube.com/watch?v=c_cgmFKAbTg; March 17, 2011 at 12:21 PM
karen said...: oops.. there goes up.. 22.79, new lod.; March 17, 2011 at 12:32 PM
karen said...: 22.77 is not gonna hold.. UFB; March 17, 2011 at 12:33 PM
Anonymous said...: It's been clear for some time that the proposed agreement between the 50 state AG's and the banks and servicers is going to be a whitewash, a get-out-of-jail-free card, and an absolution of past sins all rolled into one. But the Calgary Herald reports comments made by Tim Geithner yesterday, which pretty much seals the deal. Geithner told the Senate Banking committee that a fraudclosure deal had to be reached quickly:

"It is very important that we try to bring this to bed as quickly as we can. I think all parties, not just the servicers, but the state AGs and the federal agencies have a strong stake in doing that.
Shahien Nasiripour also reports that the state AG's have been working hand-in-glove with the Obama administration and the various regulatory agencies in crafting the deal with banks and servicers, with the administration calling it a "shock and awe" approach that would lead to a potential $30B in reduced mortgage payments...."
http://dailybail.com/home/geithner-speaks-foreclosure-fraud-whitewash-agreement-coming.html

re: Tar Heel Blue, yes, though, What is up with the 'Love of Teal', in NC, as well?

AAIP; March 17, 2011 at 12:34 PM
karen said...: 75.63 coming up on $usd??; March 17, 2011 at 12:35 PM
Bruce in Tennessee said...: Cramer seems to go "gut" more than most of us..; March 17, 2011 at 12:39 PM
karen said...: slv sub 33.40 is really really weak.. and in light of the dollar.. tsk, tsk.; March 17, 2011 at 12:42 PM
Bruce in Tennessee said...: I-Man:

At least you don't have to worry about bears tearing your place up..; March 17, 2011 at 12:42 PM
Jennifer said...: I hate inside days.; March 17, 2011 at 12:58 PM
I-Man said...: @ BnT

Got some crazy bear stories from Elkmont days...

They used to just walk down the road there and come up on cabin porches in broad daylight.

Out here the cats are more prevalent than the bears. I've seen cougar the size of small black bears.; March 17, 2011 at 1:06 PM
karen said...: $nyupv:$nydnv painting a bearish picture now on the day..

but, jenn, slv is very entertaining..; March 17, 2011 at 1:07 PM
karen said...: i take it back.. slv is losing me the longer it stays up..; March 17, 2011 at 1:14 PM
I-Man said...: hard for me to fade Pitt... I could see them going all the way.

Kansas is going to have it rough if they have to play Louvulle and Purdue...

I guess my FF picks are:

Kentucky
UCONN
Pitt
Purdue

Full Disclosure:

I watched "1" regular season game: St Johns/Duke

And a few ACC and SEC Tourney games, so I am not well versed at all.; March 17, 2011 at 1:17 PM
karen said...: YCS took off without me..; March 17, 2011 at 1:21 PM
I-Man said...: I'll say "F" Ohio St... they lose to George Mason or Nova, and if not them, Kentucky.; March 17, 2011 at 1:23 PM
karen said...: great news, not: BBC Global News
#Libya warns it will target all air and sea traffic in the Mediterranean in the event of a foreign military intervention; March 17, 2011 at 1:24 PM
I-Man said...: Sounds like $120 crude to I-Man...; March 17, 2011 at 1:25 PM
karen said...: i'm getting super sick on this day but my faz is looking good.; March 17, 2011 at 1:26 PM
I-Man said...: This day is going to finish a hell of a lot more interesting than it began.; March 17, 2011 at 1:28 PM
spoonman said...: We own puts again. A small number. If this breaks down we may roll them to a more aggressive strike.; March 17, 2011 at 1:29 PM
karen said...: i love it.. spx drop being attributed to oil spike.. so why have banks been weak all day?!; March 17, 2011 at 1:29 PM
ben22 said...: just play along karen

yay!!; March 17, 2011 at 1:32 PM
I-Man said...: The "Reason" Dice

ME War
Japan Meltdown
Euro Default
Quant Blowup

Roll it.; March 17, 2011 at 1:35 PM
AmenRa said...: The market is trying to get across the tracks before the gates come down. It's not going to make it.; March 17, 2011 at 1:36 PM
karen said...: sorry to be a broken record but slv is a series of h&s within h&s.. completely fascinating.. there is a day and a half one, too.. under 33.50 it still works..; March 17, 2011 at 1:37 PM
karen said...: Chet will tell you.. it's the ECONOMY, LOL!
How fitting a reason would that be!; March 17, 2011 at 1:38 PM
karen said...: yen shorters thot they would make a killing today and so far no go.. a 30 cent range.; March 17, 2011 at 1:39 PM
ben22 said...: 1270 breaking looks bearish to me

if it goes, put your hands up in the air and enjoy the rollercoaster

otherwise we might hover around here or slightly higher a few more days

d wave should be weak remember; March 17, 2011 at 1:39 PM
karen said...: in WTF news: Dr. Copper Likes the Strong U.S. Economic Data: Dr. Copper likes the strong U.S. economic data today and is ... http://on.wsj.com/foz5kI; March 17, 2011 at 1:46 PM
ben22 said...: Karen,

when you see complex H&S if/when they break, according to Edwards and Magee, they won't be as strong, more likely an H&S consolidation than a top/bottom when they look like that....not always though.; March 17, 2011 at 1:49 PM
Bruce in Tennessee said...: Well, double poot.

Sold the UPRO...lost a c-note.; March 17, 2011 at 2:07 PM
karen said...: BBC Global News
UN Security Council draft resolution on #Libya authorises no-fly zone and "all necessary measures" to protect civilians under threat

(Obama will probably announce this when he speaks.. ); March 17, 2011 at 2:16 PM
I-Man said...: Dont get pissed while they gun it here Bruce...

They are going to for a bit.; March 17, 2011 at 2:17 PM
I-Man said...: Keep your eye on the next high...; March 17, 2011 at 2:18 PM
Bruce in Tennessee said...: oil back above 101...; March 17, 2011 at 2:20 PM
ben22 said...: yes, hoping for one more bounce now to add to shorts again...; March 17, 2011 at 2:21 PM
Bruce in Tennessee said...: But I am tempted once again to buy...EZJ before the close...; March 17, 2011 at 2:23 PM
I-Man said...: A lot more money to be made on the down moves than the up moves.; March 17, 2011 at 2:26 PM
cv said...: ODU - Butler is a great game here...

I swear, the lead has changed about 40 times already...; March 17, 2011 at 2:26 PM
ben22 said...: how's Matt Howard playing CV?
I like that kid.; March 17, 2011 at 2:27 PM
Teleprompter said...: (Obama will probably announce this when he speaks.. )

Obama will say what I tell him to say...; March 17, 2011 at 2:28 PM
ben22 said...: lets go PSU !!!; March 17, 2011 at 2:29 PM
I-Man said...: But I guess my trading style isnt a good comparison for most people.

For example, if I lost $100 on one trade I would get cut from the team.

If I make $100 in a day, its a good day. If I make $250 its a great day.

But I take way less risk. I seldom risk even $50 on one trade. (Per contract); March 17, 2011 at 2:31 PM
CV said...: MH = Playing Well... Getting quite a few putback baskets off of rebounds...

It's kind of "killing" ODU's spirit at times when they think they're going to get the ball back after a missed 3; March 17, 2011 at 2:31 PM
CV said...: You guys at computers (not TV's) can catch most of these game feeds on the CBSSports website...; March 17, 2011 at 2:32 PM
CV said...: Penn St. kicking ass vs. Temple early...

I took them there (in honor of ben)...; March 17, 2011 at 2:33 PM
karen said...: DIA on a 60 min chart.. 20ema has stopped the upmove 4 times since the open.; March 17, 2011 at 2:34 PM
CV said...: @karen

FWIW - I'm "rooting" for silver to go down...

Cause I want to buy some more cheaper...

But way cheaper... I like your $31 (but the way things seem to be going - and what's moving the markets with a potential yen carry debacle - if events play out to see $31, I'll probably like $28 better)...; March 17, 2011 at 2:39 PM
I-Man said...: Damn, Clemson got smoked!; March 17, 2011 at 2:42 PM
CV said...: depends on the degree of the debacle...

With alota the grains "limit up" here, it's kind of odd to see gold & silver doing basically nothing...

OTOH... Many of the "softs" had come quite a bit off their peaks...

I'd say it's a little like Jennifer alluded to above... "inside day" (not necessarily on a daily candle to candle comparison), but the notion of the BETA of the bounces (if you look Feb highs to this weeks lows)...

If you're following what I'm saying...; March 17, 2011 at 2:43 PM
CV said...: @I-Man

Clemson was up BIG in the beginning of that game... Then WVU came back and closed the deal...

WVU ought to get bounced next game tho...; March 17, 2011 at 2:44 PM
karen said...: Alaidi just tweeted another reason for strong yen.. along the idea I had.. CHINA wants it strong and it a buyer.; March 17, 2011 at 2:45 PM
CV said...: If y'all get a chance, you have to try and tune in to the ending of this ODU-Butler game...; March 17, 2011 at 2:45 PM
Anonymous said...: Crude Oil 102.60 +3.65 +3.69
Natural Gas 4.224 +0.214 +5.33
Corn 646.5 +30.0 +4.84
Soybeans 1331.5 +44.5 +3.45
30yr Bond 122.00000 -0.50000 -0.41
10yr Note 120.90625 -0.34375 -0.28
NY Gold 1404.0 +7.9 +0.56
NY Silver 34.335 -0.137 -0.40
Emini S&P 1265.25 +11.25 +0.90
Emini Nasdaq 2226.75 +18.25 +0.83
Emini Dow 11666 +88 +0.76
http://www.ino.com/

CRB Index
348.80
+10.63 +2.96%

'Softs' really Strong..

Cu higher..

AAIP; March 17, 2011 at 2:46 PM
Anonymous said...: CHINA wants it strong and it a buyer.

personally, the PROC has been buying Yen, since it announced, months ago, ~it was *diversifying away from the Paperback..

ibid.; March 17, 2011 at 2:47 PM
karen said...: not good: Reuters Top News
FLASH: Gaddafi tells Benghazi residents "we are coming tonight" and "there won't be any mercy"; March 17, 2011 at 2:48 PM
karen said...: i am now on edge of my seat.. I-man.. which way are we going??; March 17, 2011 at 2:49 PM
Anonymous said...: k-

btw, how's that Twitter addiction treating you?

:)

AAIP; March 17, 2011 at 2:49 PM
karen said...: slv in 2 day triangle now.. about to break up.. unless it doesn't : ); March 17, 2011 at 2:50 PM
CV said...: @ben22

Your boy... Matt Howard, puts back another rebound AT THE BUZZER to win by 2...

UFB!; March 17, 2011 at 2:52 PM
I-Man said...: Watch 11690 on YM...

Maybe 11693.

Could be a big rip if it goes, will be an excellent short if it holds.; March 17, 2011 at 2:52 PM
I-Man said...: Could be a false breakout from it that stalls at 11713.; March 17, 2011 at 2:53 PM
karen said...: i love twitter! i don't have it on my iphone, tho.. i'm not that addicted ; ); March 17, 2011 at 2:53 PM
CV said...: Gold just got to 1405... If it can hold & get to 1420, then that silver triangle might end UP...; March 17, 2011 at 2:55 PM
karen said...: waiting to see what happens at 11774; March 17, 2011 at 2:56 PM
I-Man said...: With things this volatile tho, I have been waiting for serious confirmation at my pivots before taking a shot.

I let other folks get teased in the red zone.

If it breaks, it will be obvious, and then its a matter of hitting those numbers on the retest of them.; March 17, 2011 at 2:56 PM
CV said...: remember... today is opex Thurs on a quad witching week...; March 17, 2011 at 2:57 PM
CV said...: options pain bitchez!; March 17, 2011 at 2:57 PM
I-Man said...: Good eye, Karen...

There is something up with that level for sure.; March 17, 2011 at 2:57 PM
karen said...: well that was the little engine that could not!; March 17, 2011 at 2:58 PM
I-Man said...: We churned around that level all last night, that might have resolved it, we'll see.; March 17, 2011 at 2:58 PM
karen said...: this is one very nasty day, if you ask me; March 17, 2011 at 2:59 PM
karen said...: slv backed down too, still in triangle.; March 17, 2011 at 3:00 PM
I-Man said...: yeah, they're using all the tricks.; March 17, 2011 at 3:03 PM
Anonymous said...: got to hop, try to catch up later~

AAIP

btw,

Happy St. Patrick's Day, y'all~; March 17, 2011 at 3:05 PM
I-Man said...: Forgot it was even St Patties Day...; March 17, 2011 at 3:07 PM
CV said...: From ZH (and for all those "wondering" if there will be a QE18 or not)...

In an eerie recreation of the events that transpired during last year's flash crash, among the reasons for the spectacularly wide spreads during yesterday's dramatic yen surge (which was more than just a selloff of in the USDJPY but virtually all carry pairs as we pointed out previously) is that various brokers pulled away their entire market making in the currency. While the full list is those who turned the machines off is still unknown, one company is. According to Dow Jones, "Barclays Capital pulled yen prices off its Barx dealing system for a short period Wednesday, as the Japanese currency fizzed to its strongest levels on record, a person familiar with the situation said Thursday." The reason: "to protect themselves during hectic trading conditions" - but why, remember there is no more prop trading on Wall Street (wink wink). And had others followed suit in Barclays footsteps and withdrawn markets due to a stop loss triggered wipe out in the FX market, compounded by fundamental uncertainty, it is easy to see how the yen may well have surged far, far higher. Luckily, it did not happen this time, although the USDJPY is trading at all all time lows today. On the other hand, if the market, despite trillions in capital injected by the central planners is so jittery it can take out all bids in what is supposedly to be the world's most liquid market on literally a moment's notice, we wonder just what will happen if and when Bernanke announces the end of QE3 and we have a repeat crisis...; March 17, 2011 at 3:08 PM
I-Man said...: @ K

You mentioned the 20 on DIA... try the 55 sma on that 60min.; March 17, 2011 at 3:09 PM
karen said...: i'm confused I-man.. getting 119.47; March 17, 2011 at 3:16 PM
AmenRa said...: Sell programs are running...; March 17, 2011 at 3:17 PM
I-Man said...: I havent actually looked at DIA, just assumed it tracked well to the YM.

(I did mean over the past week or so, fyi); March 17, 2011 at 3:21 PM
karen said...: yeah.. i put it on a 60 min ten day and a 20 day.. it did nothing.. way over head..

well, this is the wildest battle at the 20ema i've ever witnessed.; March 17, 2011 at 3:23 PM
karen said...: further, i will be shocked, shocked it the bears win the day.; March 17, 2011 at 3:25 PM
I-Man said...: hearing rumors about tokyo passengers setting off radiation detectors at ohare...; March 17, 2011 at 3:26 PM
I-Man said...: sell 11690 if you can; March 17, 2011 at 3:27 PM
I-Man said...: the discrepancy between YM/DIA must be the trading hours. my bad.; March 17, 2011 at 3:27 PM
karen said...: I-Man.. in Dallas too.. no biggie! low levels of radiation.; March 17, 2011 at 3:27 PM
karen said...: oh, yes, that explains it perfectly on the 55..; March 17, 2011 at 3:28 PM
I-Man said...: I dont even do twitter and that rumor got to me... LOL; March 17, 2011 at 3:30 PM
ben22 said...: equities in dallas; March 17, 2011 at 3:34 PM
ben22 said...: could this be correct?

33 quakes just today in Japan at least 4.0

????

super moon in two days....; March 17, 2011 at 3:43 PM
ben22 said...: Karen,

at least the nas isn't directly in line with dow and S&P

might be a message there in fact; March 17, 2011 at 3:46 PM
I-Man said...: Alright, this could be it in a minute... but who knows.; March 17, 2011 at 3:46 PM

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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.

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Morning Corner 3.17.11

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