Tuesday, July 12, 2011

Morning Corner 7.12.11

EURUSD (weekly info)
-no change (below mid)
trend=no
direction=down (2 bars)
low= 1.4058
rev= 1.4820; mid= 1.4460

Greece is back now that the IMF isn't talking about the next bailout for them. Greece might be put out to pasture. That means anything related to the euro is going along for the ride. Italy has banned short selling and wants to ignore credit rating agencies and let the banks police themselves. Now that you've stop laughing remember that's part of the reason why we're in this mess.



FT MIB (weekly info)
new low 19049.88
trend=down
low= 19049.88
rev= 20117.49; mid= 19763.69


Truth be told, Italy hasn't been that strong since March 2009. It never reached the 38.2% retrace (27364.76) from the highs in June 2007. It barely could get past the 38.2% minor retrace (23644.58). It's below all SMA's. the weekly 3LB is trending down. The monthly 3LB reversal price is about to get tested. If that goes the 0.0% retrace from July 2009 is probably history.


I think this is about to get played again at all of the exchanges:

at

35 comments:

  1. BinTJuly 12, 2011 at 7:15 AM

    http://www.nytimes.com/2011/07/12/us/12drought.html?_r=1&hp

    Drought Spreads Pain From Florida to Arizona

    ReplyDelete
  2. cvJuly 12, 2011 at 7:47 AM

    @Amen

    Well if we learned anything... Wait until Unicredito hits 99 cents and then buy hand over fist... (assuming you have 2 hands to work with - you'd probably need a clothespin to hold your nose - as I try to imagine those histrionics)...

    ReplyDelete
  3. cvJuly 12, 2011 at 7:56 AM

    Anybody want a lighthouse?

    http://news.yahoo.com/gsa-selling-lighthouses-215838326.html

    ReplyDelete
  4. AmenRaJuly 12, 2011 at 9:13 AM

    I see 1550 for Au is still the line in the sand.

    ReplyDelete
  5. ben22July 12, 2011 at 10:08 AM

    @AAIP

    IPSU getting a nice bounce today

    lower left to upper right....

    ReplyDelete
  6. AnonymousJuly 12, 2011 at 10:18 AM

    http://worldblog.msnbc.msn.com/_news/2011/07/11/7062845-high-levels-of-radiation-turn-up-in-japanese-beef

    High levels of radiation turn up in Japanese beef

    ReplyDelete
  7. AmenRaJuly 12, 2011 at 11:10 AM

    Paint is almost dry...

    ReplyDelete
  8. AmenRaJuly 12, 2011 at 11:18 AM

    After yesterday the bulls know they better show some resolve or the bears will feast on their carcasses. Just sayin'

    ReplyDelete
  9. Andy TJuly 12, 2011 at 11:18 AM

    More "made up" news stories about businesses leaving California.

    http://money.cnn.com/2011/06/28/news/economy/California_companies/index.htm?iid=HP_LN&hpt=hp_t2

    These people just don't "get" what's really going on in California...things are actually awesome there.

    ReplyDelete
  10. cvJuly 12, 2011 at 11:29 AM

    So the dude who caught derek jeter's 3,000th hit (and graciously gave it to Jeter, instead of trying to sell it on the open market - a $250,000 value)...

    Well - the yanks 'gifted' him a $44,000 value package of free 'suite' tickets for the rest of the year, plus some memorabilia...

    Now the IRS just slappe the dude with a $14,000 tax bill...

    'We're from the government & we're here to help!'

    ReplyDelete
  11. AmenRaJuly 12, 2011 at 11:34 AM

    CV

    Ouch that's over 30%.

    ReplyDelete
  12. Andy TJuly 12, 2011 at 1:01 PM

    cv@11.29

    Those are the kind of stories that warm my loins. Love it when the government immediately slaps someone with a bill like.

    Can't believe that guy gave the ball back....

    ReplyDelete
  13. LeftbackJuly 12, 2011 at 1:13 PM

    Ouch that's over 30%.

    Welcome to my world without deductions.....

    ReplyDelete
  14. cvJuly 12, 2011 at 1:14 PM

    @Andy

    Well, if that's the case... I wonder why we hear 'crickets' from the IRS about this woman (probably related to Peggy Jospeh) who is selling her Obama autograph...

    http://www.nypost.com/p/pagesix/jennifer_cline_things_better_handwritten_DHxGcCyMoU9kVZ6XQIpyNJ

    ReplyDelete
  15. LeftbackJuly 12, 2011 at 1:14 PM

    I covered this morning but ready to go short again, at the drop of a hat.
    Feels like markets are waiting for yummy Eurofudge.

    ReplyDelete
  16. cvJuly 12, 2011 at 1:16 PM

    Speaking of that...

    I have 1,500 Hank Paulson autographs...

    I'll sell them to anyone who wants them for an ounce of pure gold...

    I'll sell 10 of them for 5 $2 rolls of nickles...

    ReplyDelete
  17. cvJuly 12, 2011 at 1:21 PM

    Anyway...

    That chump oughta just say he's Rupert Murdoch...

    http://www.zerohedge.com/article/over-past-4-years-news-corp-generated-104-billion-profits-and-received-48-billion-taxes-irs

    That way, the IRS might be sending HIM about $16 large semolians...

    ReplyDelete
  18. cvJuly 12, 2011 at 1:49 PM

    Ron Paul not running for Congress...

    http://www.msnbc.msn.com/id/43727803?GT1=43001

    ReplyDelete
  19. cvJuly 12, 2011 at 2:02 PM

    Jetpacks bitchez! (well kinda)

    http://www.msnbc.msn.com/id/21134540/vp/43719151#43719151

    ReplyDelete
  20. AnonymousJuly 12, 2011 at 2:19 PM

    McB,

    http://finviz.com/quote.ashx?t=IPSU

    up ~10% ..

    like I was saying, ~"I could see that one being 'taken out'" ...

    AAIP

    ReplyDelete
  21. AmenRaJuly 12, 2011 at 3:00 PM

    Au 1550 is no more. Onwards and upwards.

    ReplyDelete
  22. AmenRaJuly 12, 2011 at 3:29 PM

    Moody's downgrades Ireland to junk.

    ReplyDelete
  23. ben22July 12, 2011 at 3:35 PM

    Moody's

    always out in front

    ReplyDelete
  24. AmenRaJuly 12, 2011 at 3:37 PM

    ben22

    I know. I know.

    ReplyDelete
  25. AmenRaJuly 12, 2011 at 3:38 PM

    Looking like the bears have figured out how to close the game. Bulls have their worked cut out.

    ReplyDelete
  26. MelJuly 12, 2011 at 3:42 PM

    @AAIP (2:19)

    Good call...If I had made that post, there'd be two dudes in dark suits and raybans knocking on my door about now.

    ReplyDelete
  27. ben22July 12, 2011 at 3:51 PM

    yeah, to be fair, I'm the one long IPSU

    come on bitchez

    now watch CSII break hard from the handle of the C&H pattern.....

    I'd also not fade AT's proposed count....I don't think it's dead, I think it's dead ON.

    ReplyDelete
  28. AnonymousJuly 12, 2011 at 4:00 PM

    Mc22,

    I hear ya, on "the Dudez + Raybans" -- can't allow, too much, Capital build up -- among the _____/______ ..

    though, see some of this 'honeypot'..

    FTC Hart-Scott-Rodino Premerger Notification System
    "The Hart-Scott-Rodino Act established the federal premerger notification program, which provides the FTC and the Department of Justice with information about large mergers and acquisitions before they occur. The parties to certain proposed transactions must submit premerger notification to the FTC and DOJ. Premerger notification involves completing an HSR Form, also called a “Notification and Report Form for Certain Mergers and Acquisitions,” with information about each company’s business. The parties may not close their deal until the waiting period outlined in the HSR Act has passed, or the government has granted early termination of the waiting period. For more information about the program, read our Introductory Guides. The FTC administers the premerger notification program, and the staff of the Premerger Notification Office is available to answer questions about how and when to file."

    Permanent Link Topic(s): E-Government, Government Documents, Legal Research, Legislation
    http://www.bespacific.com/

    funny, yes?, that "Insider Trading" doesn't apply to Congress"people", ____ , certain ________, and related 'entities' ..

    AAIP

    ReplyDelete
  29. ben22July 12, 2011 at 4:11 PM

    @AAIP

    hadn't someone pulled a record of congress folks trading records since Jan 08? maybe I'm making that up in my mind but as I recall many of them had done quite well on individual names they just happened to trade around at very crucial time intervals. Coincidence? Well, personal I'm not a buyer of coincidence in anything but here in particular, I laugh at the idea.

    Insider trading is a real tough thing as it's not always so black and white so I suppose it's an easy area to insert some rules like that

    only some small fry like myself would ever really get in much trouble for it....but what else is new

    Dylan rocked the wayfarer's though. so they aren't all bad

    ReplyDelete
  30. cvJuly 12, 2011 at 4:11 PM

    IPSU

    Please don't tell me that's a Penn St. thing!

    ReplyDelete
  31. cvJuly 12, 2011 at 4:17 PM

    Insider trading is a real tough thing as it's not always so black and white so I suppose it's an easy area to insert some rules like that

    As always, with politicians, it depends on what the definition of the word "is" is...

    ReplyDelete
  32. ben22July 12, 2011 at 4:27 PM

    CV

    I think MOO would be more PSU than IPSU

    ReplyDelete
  33. MelJuly 12, 2011 at 4:51 PM

    Sorry ben,

    Gonna have to get you to run some shekels for me one of these days;-)

    ReplyDelete
  34. ben22July 12, 2011 at 5:18 PM

    Mel,

    it's all good, but my package demands more respect....j/k

    I'd try to give a high probability set up for tomorrow but I have no clue what is going to happen, I just think it will be a big day tomorrow

    ReplyDelete
  35. MelJuly 12, 2011 at 5:32 PM

    Sorry...but I'm not going anywhere near your package.

    ReplyDelete