A place where a skillful caddy always offers cool contemplation when it comes to your "stick" selection.
Creditcane™: I am a member of the US House of Representatives and Senate.
SPXBearish long day. Midpoint above EMA(10). Still above all SMA's. Above the 14.6% retrace (1319.09). Daily 3LB reversal down (reversal is 1335.54). QE2infinity. "JBTFD. Don't question it. Just do it."
DXYBearish long day. Midpoint below EMA(10). Destroyed the 0.0% retrace (75.63) from 11/4/10. Below all SMA's. New low on daily 3LB (reversal is 76.04).
VIXBullish engulfing day. Midpoint below EMA(10). Still below all SMA's. Daily 3LB reversal up (reversal is 16.90). Still in the "no fear" zone.
GOLDBullish long day. Midpoint above EMA(10). Made a new 0.0% retrace. Still above all SMA's. New high on daily 3LB (reversal is 1452.50). Holding above upper trend line. Must have the precious.
EURUSDBullish long day (didn't confirm bearish harami). Midpoint above EMA(10). Now above 1.4346 (the 76.4% retrace). Above all SMA's. New high on daily 3LB (reversal is 1.4207).
JNKDark cloud cover day. Midpoint above EMA(10). Still above all SMA's. Still above its 50.0% retrace (40.42). Still below lower trend line. No daily 3LB changes (reversal is 40.21).
10YR YIELDBearish short day (failed to confirm hanging man). No test of 0.0% retrace at 37.44. Still above all SMA's. Midpoint above EMA(10). Tested and failed 76.4% retrace (36.02). Held the upper trend line. New high on daily 3LB (reversal is 34.91).
WTIBullish long day. Still above all SMA's. Midpoint above EMA(10). Made a new 0.0% retrace. New high on dally 3LB (reversal is 108.47).
SILVERBullish long day. 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 39.19).
EEMBearish short day. Midpoint above EMA(10). Above all SMA's. No daily 3LB changes (reversal is 48.67).
LEFTBACK'S BOND REPORT
LB's Bond Report
No detailed Bond Report from me today, but a nice picture, and we will let Mish do the talking;
http://globaleconomicanalysis.blogspot.com/2011/04/yield-curve-widens-as-long-term-rates.html
If you look carefully at these yield curve time series you can see it is soon getting close to buying time again for 5s and 10s, and we may be there already in 30s.
As Matt points out above, buying HY would be a poor move here. This is a very good time to know what you own and how it will respond to higher rates/inflation or lower rates and slower growth (the latter being my forecast for Q3/4 if not sooner.
Obviously there are those who believe in apocalyptic breakouts in Treasury yield, but we are not among them. The US debt means that such a situation is untenable.
19 comments:
Enjoy the weekend.
What has gotten into Tiger?
From Gallup:
Wall Street ended the first quarter bullish, despite numerous economic and political challenges. Yet Gallup’s economic data for the first three months of 2011 suggest that American consumers have not been similarly bullish in their spending habits.
Overall self-reported daily consumer spending in stores, restaurants, gas stations, and online averaged $64 per day in March. That is up slightly from $58 in January and $61 in February but is essentially the same as the $63 of March a year ago.
Consumer outlays on normal daily retail purchases remain mired in the 2009-2010 new normal spending range. Upper-income consumers, who have the disposable income to spend, are not doing so. Lower- and middle-income consumers are spending slightly more on gas and food as prices increase, but are spending no more overall than they did during the first quarter of 2010.
If lower- and middle-income consumers limit their spending in other areas as gas prices surge, their total spending is likely to decline, as it has in the past. If upper-income consumers also continue to restrain their spending — perhaps dampened by surging prices along with economic uncertainty stemming from the budget battles in Washington, D.C., chaos in the Middle East, and the tragedy in Japan — it is hard to see spending getting out of the 2009-2010 new normal spending range in the months ahead.
http://dailycapitalist.com/2011/04/08/current-data-reports-what-do-they-say/#more-10059
http://www.msnbc.msn.com/id/42467884/ns/politics-capitol_hill/?GT1=43001
Budget deal reached, government shutdown averted
"Obama calls last-hour agreement... (wait for it... wait for it... 'Biggest annual spending cut in history'!!!!!
What a great man! What a hero!... I'm sure he put as much time into "line iteming" each & every cut as he did with his NCAA BRACKET selections!
I suppose it's EASY to have the biggest spending cut in history (after you spent $3 trillion over 2 years just to get 4000 DOW points)...
After spending on a $1,000 dinner at Mortons, I suppose a $500 dinner at Tribeca is 'slummin it'...
Somebody wake me when we decide to eat sawdust tacos from the dollar menu at Taco Bell will you please...
---
All I can say is that I'm glad I was not FOOLISH enough to vote for this man...
God knows what other poor nag quarterhorses I might have gone down in flames with...
(THAT was my 'preview teaser' to the upcoming 2011 Kentucky Derby post)...
CV, so far, is getting behing FLASHPOINT... Only problem is, FLASHPOINT is a speed horse who is a risk to 'flame out'...
'Flaming out' just isn't my style... I'm more the IN IT UNTIL THE BITTER END type... Others:
- draw right
- lug out
- bobble at the gate
- get cornered
- get pushed wide
- need blinkers
- need Lasix
- don't like the slop
- or, most unfortunately, get 'vanned away'
I prefer the effort it takes to get to the winners circle (if even only occasionally)... I like the smell of flowers...
Tiger back to knockin' off the crazy tail again...gettting his mojo back.
Anyone who laid odds against El Tigre at 10-1 is feeling uncomfortable right now.
I've been laying against Tiger for years...but 10-1 was just too long of a shot....
Though, I think a youngster wins this weekend...some of those guys are just too good and they're carrying a load of confidence.
Youth will be served.
On March 25, 2011 4:02 (yeah, I'm slow), I-Man wrote ...
"And its tough to find Gann, if you can get 45 Years on Wall St, thats a good one.
Also, Truth of the Stock Tape.
And if you want "lite," go with "The Tunnel Thru the Air" (if you find yourself part way into it wondering, whats this got to do with trading?, just stick with it.) It was his masterpiece far as I'm concerned."
If someone hasn't posted already for the library builders out there ...
http://www.wdgann.com/category/Books
or
http://www.wdgann.com/product/SALE/Complete-Set-of-Gann-Books-1
Thanks, 2s2b -- I was the one looking for the info!
CV, yeah, people probably are doing their taxes...
(510 in math, that is... Not 510 overall... lol.)
@wunsa
510 in MATH... ror...
Got it!
Actually... I'm not really sure if a 510 'overall' is even possible...
FORREST?
:-)
Yeah, a 510 would be horrible, even for elementary school.
My list of travels is much shorter than yours (and less frequent -- all "once" or "twice"):
- Canada
- Mexico
- UK
- Panama
+ Venezuela
- Iceland
- Switzerland
- Spain
- France
- ITALY
- East Germany
- Germany
+ Lichtenstein
+ Netherlands
- Luxembourg
- Belgium
- Austria
- Greece
But, I'm thankful to have seen those places.
@wunsa
I looked at a world map and realize I've left out about a another dozen places...
You know what's funny... Of course I knew that Russia's land mass was huge... But you could probably stuff 5 'continental' USA's into there...
Then again, you could almost stuff the continental USA into Alaska...
BTW... I took down some comments I'd posted yesterday...
I figure... Why bother?
cv--
sometimes, I think you need to remember the old Saw about: "Leading a Horse to Water.."
alternatively, no matter the message one bears, one will never be met by acceptance from all..
from this end, I, really, can't count how many peep I've tried to convince that ~"the Worm has turned--from Paper to Things", since c.2000...
Worse, meeting 90+% of them, now, to say the least, is awkward...
Anyway, at the EOD, To Each, Their Own..
AAIP
Should be some compelling drama today at the Masters....does the young Irishman hold up under all that pressure?
That guy has the best, and most natural looking swing, I've ever seen. If he pulls away and dominates the field today, he'll be dubbed the "new Tiger."
As long as he stays away from marriage and knocking down crazy chicks on the side, he should be fine.
AT,
one thing Rory has had, the 'The Striped One' didn't, was plenny o' "trim" on the way up..
w/that, I'd be doubting that he'll be as suspectible to the 'allure' of extra-marital "tail" ..
ibid.
More Security Theater from the good folks of the TSA:
http://www.youtube.com/watch?v=-3sH1GaO_nw&feature=player_embedded
MEH:
There's a lot to be said for that....your comment at 11.17AM.
A psycho-therapist would have a "field day" with El Tigre's upbringing....
~~~~~~
I think it's also interesting to watch vid. of Tiger in 1997 compared to today. I'm not sure all the "bulking up" really has helped him that much. Some of these leaner young'ins are generating a lot of "whip" and rotation because of their flexibility, etc.
By hitting the bigger weights, it looks like tiger has lost some of the flexibility he had earlier. I suppose that goes without saying...as we age, we use flexibility.
But, think Tiger would have been better served with a different workout plan....more Yoga...less weight.
AT,
yes, flexibility is Key..
also, 'over the Weekend', heard one of the Commentators mention, exactly, that re: el Tigre .. more specifically, his 'new Swing', under the tutelage of S. Foley, is 'too restrictive'.. not as 'flowing', as when he was younger..
certainly, "The Striped One" isn't as wispy as when he was younger, but, I think he still has 'good flexibility' .. I think his 'new swing' has him ~constrained..
ibid.
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