Morning Corner 6.3.11

ATHENS (weekly info)
new low 1264.92
hlow= 1264.92
rev= 1370.10; mid= 1317.51

The Greece Stock Exchange does not look like there's a new bailout plan in place. The weekly candle is forming an inverted hammer so we'll need to see follow through. I wonder if the rumor about the troika (EU, ECB, IMF) report is true.

CSCO (weekly info)
new low 16.50
low= 16.50
rev= 17.37; mid= 16.94

It just isn't getting any better for CSCO. Last weeks "hammer" turned out to be from the toy store. The last thing they probably need is a bearish engulfing in a downtrend. But they're getting it.


ben22 said...

bunch of trapped longs now in CAT from the hanging man on Tuesday

bears need to stick around til' 4 today, make a statment.

Obi-ben Bernanke said...

"These are not the bearish charts you're looking for."

ben22 said...

@Andy T,

Looking more like the expanding T we just talked about.

qqqq said...

@AR... Kudos!

""I use a fibonacci retrace on the monthly 3LB range.
1310.62 (50% retrace)
1298.12 (61.8% retrace)""

we there!

qqqq said...

lol, this is awesome... This Guy Has My MacBook

Andy T said...

Was out late last night...

What a collapse by the Heat last about celebrating a "win" too early....

I want to see this thing go all seven games.

Andy T said...

John Edwards Indicted.

He used to talk about "two Americas"...

Maybe he'll become familiar now with the "third America"....the prison system.

Jennifer said...

I heard about the MacBook guy -- I think he is pretty nice in his discussion of the OPD -- he practically had to hand the criminals over to them before they would do anything.

qqqq said...

Unemployment 5-15-27 weeks It may look a little better but unemployment is still killing this country.

Andy T said...

Bucky right at 74.


qqqq said...

Andy T said...
Bucky right at 74.


next stop 73.94?

Leftback said...

LB suggests buying TBT calls. Auctions next week and governmental tomfoolery all summer. The next jobs number can hardly be this bad, and this week's numbers were bloody awful.

We will probably see some JBDTDers come into the market next week. After a 7% move down, we think that a retracement of about 3-4% is likely in SPOOZ, and yes, that probably does involve some DGDF.

Adding to our Japan longs on down days, as usual. Bucky may have a tough week next week, but when he bounces it will be at the expense of JPY. An economic recovery from the earthquake is inevitable, so Japan may well lead the world in Q3.

Anonymous said...

Thanks for the insight LB

AmenRa said...

B/D 206k. Figures.

AmenRa said...

The only reason the market hasn't crashed is that the dollar is getting crushed.

Matthew said...

I put on a risk trade (punt) this afternoon, believe it or not, in the energy sector. I have the slightest suspicion that the safety trade might be temporarily winded and give anti-dollar assets a relief next week.

I hate to put these on too early on a Friday afternoon, having fallen victim to the asylum traders. But, it is too nice outside to monitor equities all afternoon

AmenRa said...

Slowly approaching the area that may cause traders to bail before the close...

AmenRa said...

Lock the doors. Hide the wife and kids. It's about to get fugly.

AmenRa said...

TNX closed at 2.997% so with CPI at 3.2% the real 10yr is -0.203%

No wonder Gross sold his treasuries.

AmenRa said...


1298 appears to be the line in the sand.

ben22 said...

"No wonder Gross sold his treasuries"

I guess, but last time I looked PTTAX was some 35% + cash

negative 10 year real is still better than the bigger real negative yield you get on cash, but they own german bunds!

and also, projecting out like that is dangerous, it extrapolates the CPI trend but is that wise? maybe not the smartest thing with that little debt overhang problem, you could have made just as compelling arguement against bonds in early 08 what with all that inflation we had raging then.

Either way, don't cry for PIMCO, and the reason bill said that was because each day he thinks about buying govvies back in a recession, and so he looks at his bloomie terminal and sings (quietly of course, no noise on the PIMCO trading floor apparently)

Don't cry for me Treasury-ah
The truth is I never left you
All through my wild days
My mad existence
I kept my promise
Don't keep your distance

AmenRa said...



AmenRa said...

I can hear it already. "Well, the SPX held 1300 so that's bullish."

AmenRa said...

SPX failed its weekly and monthly 3LB mids.

Leftback said...

Well, it's not often we see the DXY and the SPOOZ down heavily on the same day. That in itself was an oddity.

Here's what we did today. Sold TLT (3% down to 0%). Bought EWJ (up to about 16%). Bought QQQ (5%). Bought TBT (6%).

So it is now, divvys 28%. EWJ 16%. QQQ 5%.
JNK 5%/TBT 6%. Cash 40%.

AmenRa said...


EWJ trading below its monthly 3LB reversal price (10.22). But it's early in the month.

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