AmenRa's Corner

A place where a skillful caddy always offers cool contemplation when it comes to your "stick" selection.

Creditcane™: I stopped by Portugal today. Bought tickets for Spain.

SPX
Doji day. Midpoint above EMA(10). Above all SMA's. Above the 14.6% retrace (1319.09). New high on daily 3LB (reversal is 1328.26). QE2infinity. "JBTFD. Don't question it. Just do it." Daily 3LB range small enough for a quick daily reversal.



DXY
Bullish long day. Midpoint below EMA(10). Failed the 0.0% retrace (75.63) from 11/4/10. Below all SMA's. No daily 3LB changes (reversal is 76.33).



VIX
Spinning top day. Midpoint below EMA(10). Still below all SMA's. New low on daily 3LB (reversal is 17.71). Still in the "no fear" zone.




GOLD
Bullish short day (not a hanging man - too much hair). Midpoint above EMA(10). Made a new 0.0% retrace. Still above all SMA's. New high on daily 3LB (reversal is 1439.30). Holding above upper trend line. Must have the precious.



10YR YIELD
Bullish long day. No test of 0.0% retrace at 37.44. Now above all SMA's. Midpoint above EMA(10). Back above 61.8% retrace (35.14). Held the upper trend line. New high on daily 3LB (reversal is 34.44).



WTI
Spinning top day. Still above all SMA's. Midpoint above EMA(10). Made a new 0.0% retrace. New high on dally 3LB (reversal is 106.72).



SILVER
Bullish short day (hanging man freed). Still above all SMA's. Midpoint above EMA(10). Made a new 0.0% retrace. Holding upper trend line. New high on daily 3LB (reversal is 37.89).



COPPER
Bullish long day. Midpoint at EMA(10). Back above SMA(21,89). No tests of 0.0% retrace (4.667). Back above 23.6% retrace (4.327). No daily 3LB changes (reversal is 4.137).



RBOB Gasoline
Doji day. Midpoint above EMA(10). Above all SMA's. Made a new 0.0% retrace (3.21). No daily 3LB changes (reversal is 3.11).




YEN
Bearish short day. Below all SMA's. Midpoint below EMA(10). Still below its 38.2% retrace (1.18459). New low on daily 3LB (reversal now 1.20330). Carry trade full steam ahead?



LUMBER
Doji day. Still below all SMA's. Midpoint below EMA(10). New low on daily 3LB (reversal is 297.00). Housing recovery pffft!!!


AT's 1.618 Cents on May Silver:

LEFTBACK'S BOND REPORT

The Bond Report 4.6.11

Today was that "risk-on steepener" that we have seen so many times in between POMOs and the next long bond auction. Punters were dumping govies and the long end was hit hard, almost reaching LB's magic limit of 4.60% on the 30y.

We are not doing much in this market. There isn't a lot of value. HY spreads are too tight, and govie yields are not compelling. Munis and mortgages have been moribund of late.

Corpies: LQD -0.32%; AGG -0.30%; JNK 0.25%; HYG 0.22%
Govies: TLT -1.50%; IEI -0.21%; TIP -0.54%
Munis: IQI -0.33%; MUB -0.40%
Mortgages: MBB -0.08%
Specialty: ZROZ -1.99%; TBT 2.97%; EMB 0.24%

This week we reduced JNK to 7% and added some IEI. Total fixed income is now 16%. We all know where the action is, it is in commodities, FX and equities for now. But wait until May...

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