EURUSD-no change (below mid)
trend=no
direction=down (2 bars)
low= 1.4100
rev= 1.4820; mid= 1.4460
EURUSD is trying not to break below the high close from Nov 2010 (1.4009). That would lead to a retest of the low coos from Jan 2011 (1.2908). A close this week below 1.4100 will have the EURUSD trending down on the weekly 3LB. It's also below the monthly 3LB mid indicating further weakness.
Athensnew low 1297.36
trend=down
low= 1297.36
rev= 1431.33; mid= 1364.35
The problems in Greece are approaching critical mass. The event horizon has been breached. The Greece Stock Market is now trading lower than when it did when it joined the euro. Austerity isn't working no matter what the pundits may be saying. Additional measures of austerity will make matters worse for Greece.
IBEX (weekly info)-no change (above mid)
trend=no
direction=up (1 bar)
high= 11068.10
rev= 8923.40; mid= 9995.75
This move down is about to accelerate. It's below its monthly 3LB mid. It's sitting precariously on its SMA(144). It's about to violate the lower trend line. Plus there's the rumor that there is a lot of debt that is not on the books that may be brought to light.
46 comments:
Music for todays open: http://www.youtube.com/watch?v=mWLO4acMTCM
It may not just be Europe that is about to accelerate downward....
Saw 4 bears in the Smokies this weekend. Quite a trip..
Is it possible that with the passage of time depressions are occassionally inevitable?
http://www.bloomberg.com/news/2011-05-22/italy-warning-from-s-p-may-fan-contagion-as-greece-presses-cuts.html
“Rating agencies don’t just look at what’s going on today, they also look at possible future developments, that’s the issue here,” said Nicola Borri, who teaches economics at Rome’s Luiss University. “How will Italy keep its commitments with no growth? Structural reforms are needed but no government, left or right, in the past 10 years has managed to undertake them. This is what S&P is worried about.”
S&P also warned that the “increased fragility” of Prime Minister Silvio Berlusconi’s ruling coalition could undermine implementation of fiscal measures needed to trim the debt. Berlusconi has been weakened by defections of key allies and corruption allegations, and a setback in regional elections this month is further straining the unity of his government.
The Italian Treasury “absolutely” ruled out the risk of political gridlock and said Italy will keep all its economic commitments. It also pointed out in an e-mailed statement that S&P’s views are very different from those expressed by the IMF, the OECD and the European Commission."
quote:
"It also pointed out in an e-mailed statement that S&P’s views are very different from those expressed by the IMF, the OECD and the European Commission."
Yeah, that's because S&P doesn't have Italian bonds on their books.
Pretty ominous looking patterns overnight. Would normally suggest fading these kinds of overnight moves....but....NOT TODAY.
>> Is it possible that with the passage of time depressions are occasionally inevitable?
I think so... Occasionally, there are more fairly-well-paid, mid-career people trained in industry X than we can possibly retrain on short notice for work in industries Y and Z. Overcapacities in human labor happen.
"Occasionally, there are more fairly-well-paid, mid-career people trained in industry X than we can possibly retrain on short notice for work in industries Y and Z"
Yeah, but what I want to know is...
What "industries" exist AFTER you've gotten to "industry Z"?
Yeah, that's because S&P doesn't have Italian bonds on their books...
EXACTLY what struck me too, Amen...
I guess you just go into politics...
...and so the M.A.D. rhetoric (NFL style) officially commences...
Ray Lewis thinks crime will increase with no NFL season
http://sports.yahoo.com/nfl/blog/shutdown_corner/post/Ray-Lewis-thinks-crime-will-increase-if-NFL-has-?urn=nfl-wp2110
Next thing you know, the US taxpayer will be on the hook for players salaries...
You know, to keep crime off the streets, and iPads in the schools... FOR THE CHILDREN! of course...
Ray is probably right though...
The natives will get restless without the bread & circuses...
Next thing you know, the producers of 'Dancing With the Stars' will be asking for government subsidies...
Nice to see BR grouping Austerians with "end of the world" types....
BR still long in this market? tsk-tsk
my other split-personality... 18's 1314 is close.
The daily low has been taken out. We're below the weekly 3LB mid and the 38.2% retrace. Unfortunately for the bulls the 50% retrace (1309.81) may get tested also. Yet gold is holding up quite well throughout the carnage.
"BR still long in this market? tsk-tsk"
Well, we don't know...he probably went long a bunch ultra short ETFs on Friday...we just haven't learned of it yet.
"Yet gold is holding up quite well throughout the carnage."
Amazing isn't it, considering that all-knowing Barry lists the goldbrickers who missed the rally as amongst those that you shouldn't listen to....doomERs in other words, with the classic ER suffix applied to PM bulls to help along his own psychological imperatives.
But yes, shame on you goldbrickers that have "only" destroyed the stock market at nearly every degree of trend for over a decade now for missing this powerful rally since March 2009.
One can only conclude that if you are not to call every single asset class correctly then you aren't worth paying attention to.
good luck finding "that guy"
Why do you guys read Barry anymore? I mean, really? There is nothing there that will help you trade...the blog has devolved into opinions and excuses...
..just wondering.
http://finance.yahoo.com/news/Gauge-of-economic-activity-apf-675883073.html?x=0&sec=topStories&pos=8&asset=&ccode=
WASHINGTON (AP) -- A gauge of U.S. economic activity fell in April as the Japanese earthquake hurt auto production.
The Federal Reserve Bank of Chicago says its index was minus 0.45 in April in contrast to a positive reading of 0.32 in March. It was the weakest reading since August.
A reading below zero indicates below-trend growth in the national economy. Economists say normal growth is around a 3 percent pace.
Bruce,
There's still good info/videos there though.
I also usually read the Weekend tab or some of the book links and the think tank has some good stuff as well.
Cv still reads PLAYBOY...
You know, for the "articles"...
BinT
I find humor in the completely asinine comments there...
And, BR does have good links occasionally.
Waiting for a reply in 5...4...3...2...1...
The gap from 4/19/11-4/20/11 is about to get slammed shut. It has had a hypnotic pull on the market since it occurred.
In a way... BR's "austerity"/EOW grouping may have some odd validity...
But only in a HYPOTHETICAL sense... 'Hypothetical', because we will never to get to see it play out (iow - THERE WILL BE NO AUSTERITY)...
"Debt is the very essence of fiat. As debt defaults, fiat is destroyed... This is where deflationists get their direction... They don't bother to consider that hyperinflation is the process of saving (& or 'locking in") debt at all costs... Those closest to the printers will even resort to buying it outright for cash (helicopters full of printed cash)...
Deflation is impossible in today's dollar terms because policy will allow the printing of cash, if necessary, to cover every last bit of debt...
And that debt will be conveniently dumped on your front lawn... (Worthless dollars, of course, but no deflation in dollar terms!)"
So yeah Barry, go long confetti...
B22, nice CAT call!
down 3%+
How's he doing on the "wolf whistle" trade?
Don't forget the 3500 CD collection...which imbues him with,"excellent musical taste and great chops"...which he's taken the trouble to point out.
In my experience,"Great chops" generally accrues to those musicians who are more than competent on an instrument... or more pointedly...one generally located somewhere north of the belt buckle.
Put another way...would a 4000 CD collection infer even greater musical taste? Does an owner/ collector of 60 vintage guitars play better than Jimi? Would pointing it out prompt yet another causation/correlation debate? Does a bear shi...never mind.
Q's
I closed one of my CAT puts for an 85% gain this morning. I had planned on doing 4 puts for 25k each with different expy but only three got filled last week. I'm holding two of them still, both have a pretty sizeable unrealized gain at the moment.
we'll see though options move quick as we all know, tomorrow could be a new story.
I think a lot of Barry's comments on music are punk as well
REM is not that awesome, imo, as an example.
They "started" alternative music....um, ok.
I find comparing them to Soundgarden, Nirvana, Alice in Chains, and Pearl Jam a little like calling, Biggie, Jay-Z, and Nas R&B.
Does a bear shi...never mind
Does 'the pope' sh** in the woods?
They "started" alternative music....um, ok
ROR
That was about the same time that CV "started" alternative blogging... (Thanks, in part, to Al Gore for inventing the internet)...
I tend to agree Ben...although REM starting anything is also debatable. I'm not up on "dates", but Lou Reed, Talking Heads, and prolly a host of Brits...among others, comes to mind.
Mel,
eh....dates schmates.....I've been told many times by insistent people that Jimi Hendrix made All Along The Watchtower
bob who?
Ben@
There you go...and I thought Stevie Ray Vaughan was responsible for "Little Wing:-)
Mel
Thanks. Now I can't get "Once In a Lifetime" out of my head :-)
@Ra
I've worn out two copies of Remain in Light:-)
This market is looking over the edge of the abyss not realizing that the ground beneath it is crumbling away.
Justin Beaver bitchez!
@Amen Ra
"This market is looking over the edge of the abyss not realizing that the ground beneath it is crumbling away"
...or this
http://www.youtube.com/watch?v=hz65AOjabtM
CV
Nothing like a Wile E. Coyote moment!
@Mel,
You ever get a chance to play with Leon Russell?
he seems like a cool CAT.
@Ben
No...unfortunately I've never even met him...given some mutual friends and acquaintances. Kind of odd...your last question. (In a good way)
I was just mulling the myriad small occurrences and affinities that occasionally unite people on a blog...and a story that relates to a comment you once made: "Yeah, but you played in a band".
I've got some chores to look after today...so I'll save it for post wrap Tuesday.
CV. You're man Barack getting in touch with his Irish roots.
His new name is O'Bama.[Rimshot here]
we lose this... 1296-1305 area, 18's and 18.5's test, it's gonna drop much more.
QQQQ
qqqq
Also the SPX tested its weekly 3LB mid last week and pushed higher. Didn't happen today. Went through the mid like a hot knife through butter.
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