WTI (weekly info)new low 91.16
trend=down
low= 91.16
rev= 114.31; mid= 102.74
Continuing Andy's work on WTI with my $0.02. It's now trending down on the weekly 3LB with last weeks close. It's below the monthly 3LB mid indicating weakness is more persistent. Plus is closed below the monthly 3LB mid BEFORE the announcement of releasing reserves. It's below all SMA's. It's below the lower trend line. There are two fibonacci retraces shown (looking for overlap). Last week broke through the 93.07 (85.4%) and 92.75 (61.8%) retraces. Not looking good for WTI bulls.
CRB (weekly info)new low 329.89
trend=down
low= 329.89
rev= 368.70; mid= 349.30
CRB is now trending down on the weekly 3LB. It's further below its SMA(21). Last week closed below its 50.0% retrace. The high from 1/8/10 of 293.75 and low from 11/26/10 of 293.95 is the area of concern. That's a major support area.
I see they gunned the futures around 2:30AM ET and again at 4:00AM ET when that move started to fail. The Wee Hour Shenanigans Report.
ReplyDeleteAR, they may need a bigger gun.
ReplyDeleteAT, thx for the charts/thoughts.
If/when natty gets below $4, I'm buying, very long term.
Was in Sears this weekend, salesman told me sales haven't been good for a long time. Check out SHLD, numbers are crap, may be a great short, but already down recently.
still holding longer term SPX puts
still long TBT calls ... ain't doing much :/
work bekons...
Funny but after the earlier economic reports MSM is stating that futures stay up. If you're looking at SP, DJ or ND then yes. But if you're looking at ES, YM and NQ then no.
ReplyDeletethanks for your chart work AT, great stuff as always
ReplyDeletenot sure if you watch CNBC in the morning, lots of talk this morning about a natural gas bubble
john arnold is planning trades out this morning to capitlize off this catalyst.
When are we going to stop the Security Theater?
ReplyDeletehttp://www.cnn.com/2011/US/06/26/florida.tsa.incident/index.html?hpt=hp_c1
Andy T
ReplyDeleteThat was just wrong. 95 and in a wheelchair. TSA thought she might be carrying. GTFOOH.
On another note, what the hell was that move about around 9:40-9:45AM ET?
Then again the SPX was less than 0.03% from the SMA(200) before the move higher. So blatantly obvious why the algos were set to "buy buy buy!"
ReplyDelete"could not complete the exam without removing her depends entirely"
ReplyDeletedisgusting scene there, and I'm not talking about the adult diaper
what kind of ignoramous do you need to be to even say something like that
wtf, what a joke
Dallas Fed -17.5 from -7.4 previously on expectations of -3.2
ReplyDelete..and yet he market is still higher. ISM Manufacturing will be a doozy.
Texas Manufacturing Outlook Survey
ReplyDeleteProduction from 12.7 to 5.6
Capacity utilization from 11.1 to -0.8
New Orders from 1.1 to 6.4
Materials Inventories from -0.1 to 6.5
Prices Paid from 42.3 to 31.1
Capex from 8.7 to 2.4
General Business Activity from -7.4 to -17.5
it's all "priced-in" Ra
ReplyDeletesoft patch
Even after all of todays bullishness, new lows are still outpacing new highs: http://finance.yahoo.com/advances
ReplyDeleteI am still of the opinion that since friday within $5 of the 200 (SMA & EMA) today is all about getting separation. It's like standing on a cliffs edge, which begins to give way and someone grabs you before going over.
ReplyDeletehttp://finviz.com/futures_charts.ashx?t=SI
ReplyDelete~33.69
the 'Shiny', looking Soft..
ibid.
WTF?????
ReplyDeleteI've seen low volume melt ups, but DAMN! C'mon man this is BS!
Are the PD's p/o bcuz way fewer Indirects showed up at the 2yr auction and they were forced to buy 64% of the auction? They can't sell it back to the Fed as there are no more 2yr POMO's.
ReplyDeleteYeah, AR...
ReplyDeleteHad a feeling about this kind of thing ....
"The whipsaw/violent price action suggests triangular activity in the week ahead. The S&P 500 looks like a "NO TRADE" for this week. Let someone else get "chewed up."
Andy T
ReplyDeleteI know part of it is EOM window dressing. The other part is the hope that Greece will pass the austerity vote. I'm also waiting to see how fast this deal with the French banks gets shot down.
Andy
ReplyDeleteI'm closing out some Q's calls right now for that exact reason, it's also end of the month and it was a rough month so I'm sure you've got the Newman's Own window dressing going on.....
might becoming an observer the rest of the week
keep an eye on this bad boy
ReplyDeleteSODA....
BAC up over 3% because Bove is recommending it. Didn't he recommend Lehman right before it collapsed?
ReplyDeleteI think the weekly 3LB confirmation scared them too death. They HAD to get the market higher. BWAHAHAHA.
ReplyDeleteI also wonder if they finished digging out those tunnels from the Greek Parliament...
ReplyDelete(shhh algo test)
ReplyDeleteMore members of the PASOK have defected and will vote against austerity.
JNK was a doji and HYG and spinning top today. They didn't show up to the "risk on" party.
ReplyDelete