SPX/Gold Ratio (monthly info)-no change (below mid)
trend=down
low= 0.7645
rev= 1.0672; mid= 0.9159
Here's the truth about QE1, QE2, unexplainable rallies, etc. They're all BS. In terms of gold the SPX is looking to make new lows. It's below all SMA's. It's making a weekly 3LB reversal down (1 more day).
XLP/SPY Ratio (weekly info)-no change (below mid)
trend=no
direction=up (1 bar)
low= 0.2350
rev= 0.2450; mid= 0.2400
It appears consumers are heading for the hills as discretionary is falling faster than the SPY. It's still below the weekly 3LB mid and fighting to stay above the monthly 3LB mid. It's below the SMA(21) and support is the SMA(233). That's a pretty good drop if it's get there.
40 comments:
Well, my business is good. Thanks for posting! (7/25)
Revised GDP was .4%....i suppose i will keep my very sarcastic comment to myself..
BinT
That's one helluva revision.
those GDP revisions were real hot.....QE2 was the best!
several techs I follow have given sell signals this week, none of them are named Prechter
good luck
Anyone brave enough to buy the 200MA?
There are two bullish moves that have been decimated this week. Momo Mondays and the final four days of the month. They are joining Knife Catchers Anonymous.
NTGR is getting smoked......
so is NLY
Ra,
check out TICK
GMCR and CROX
hilarious
SPX slot machine might pay off today
So who do you think is buying the dip today? STL
What is real anymore? ...that GDP revision is outrageous. On top of that, it still has one more revision... end of fiscal year.
Just like the unemployment and housing data... all massaged numbers.
Doug Kass bought
probably tons of people that follow MA's....I mean, its self fulfilling after all.
re GMCR, that stock is up like 10,000% in about 8 years... (gulp)
think i'd have to wait for 1250 to take a stab....
nice bounce going here though...
I've got a lot of chart work to do this weekend.
You mean the headline from Cantor that they have the votes needed was enough to send the market higher? GTFOOH. Nothing will happen until Tuesday at midnight with a last second deal.
Why is Bove on every financial news channel?
"You mean the headline from Cantor that they have the votes needed was enough to send the market higher?"
Ra, it's probably about a 100% that there were lots of algo's set up to buy the 200, regardless of any politicians comments
"Why is Bove on every financial news channel?"
Beard....
lefty, who is short the bond market, is getting his, uh, hat handed to him today...
ben22
EMA or SMA? Last time it was the EMA that the algos bought.
ben22
re: TICK
Todays low reading never took out the one from 9/27/11.
@Andy
1260 is the likely spot where the "dark cross" would occur (50Ma over 200Ma)... & where 'passage over', last year (in June), led to Jackson Hole (in August)... Frontrun (in July), of course by...
Everyone EXCEPT the e-trade babies...
CV remembers all of this very well, because it's about the point in my life that I finally realized the utter farcical nature of our "capitalist" (rolls eyes) system, & started yammering "silver bitchez" (which - since May - has become "gold arbitrage bitchez" & has all the while been "nickles bitchez")...
Anyway... I pretty much have been saying for over a month now that QE3 (at least the 'announcement' of it) will come AFTER the "dark cross" (& probably a Hindenburg Omen or two tossed in for good measure)...
Not that anybody really is interested...
Perhaps y'all WILL be interested in my 2011 NFL kickoff post (which I'll launch tomorrow)... Since I pretty much called the end of the NFL strike (to within 48 hours - at least 4 months ago)... Maybe somebody will find something of interest there...
@Amen
Why is Bove on every financial news channel?
Because the's the only "go to poster boy TOOL" around that can manage to keep the dickhead J6P's from pulling all their $$ out of bank stocks leaving them severly undercapitalized to even pass the most farcical of stress tests & leave the world the barren wasteland that it OH SO WANTS to become...
You know... They need some fucking grandfatherly 'Captain kangaroo' lookin' MF on TV, or the [enter religion of your choice] confetti world will die...
Well seems this week, at least in the western pacific region, all of the contractors, engineers and govt employees that are working on projects, like new ATCT's, NEXCOM (new radio installations) ....well really everything, have been sent home. Word is that if the bill is passed next week, the FAA furloughed employees will most likely get regular pay for time off.
How bout the REIT flash crash? AGNC was down to 22 for a second, NLY to 14. They've bboth recovered to what would normally be considered large losses ... yikes!
"he's the only "go to poster boy TOOL" around that can manage to keep the dickhead J6P's from pulling all their $$"
Bove has been telling people to get out for weeks, so I"m not sure this is the case, he's effectively been in panic.
They cover her over at Dealbreaker almost daily.
And CV, don't look now, but there ARE still POMO's going on, so QE3 would simply be more of the same, you just don't hear anyone talking about it as their feelings/emotions have all their attention elsewhere
quite comical really
@ben
whatever you say... fine...
bove is a mouthpiece tool... (like 101.618% of all the rest that they put up in front of the cameras)...
CV
Did some of your posts just disappear?
B22, ya know what's not comical, DC is withholding 3 of my expense report reimbursements for BS reasons. They say I haven't explained them correctly, which is funny because I've been doing it the same frik'n way for a decade now. They've been approved and certified then rejected 3 times already!, but guess the DC pukes don't have the $$$ to pay me so they're making up excuses.
Fucking MF Asshole SOB's! ordering pizza on the taxpayers dime but won't pay their debt on money I've already paid out! ALL of them dickwarts are the dumbest MFers who ever shit behind a pair of shoes! I'm pissed!
FTR the 3/09-7/10 trend line (on a non log chart) crosses at 1290. Market DOES NOT want to close below that going into the weekend. It's avoided closing below it so far this year.
oh, bot some FXA puts an hour ago, hope this trade works out next couple weeks.
@ben
And CV, don't look now, but there ARE still POMO's going on, so QE3 would simply be more of the same, you just don't hear anyone talking about it as their feelings/emotions have all their attention elsewhere
Look - I'm just not in the mood to really argue about anything today... OK?
Bottom line?
- We're broke
- The world's broke
- Nobody can even HOPE to pay their bills or obligations anymore (or even SAY they're going to try with a straight face)
- Central banks around the world KNOW this
- So they're going to PRINT money (for as long as it's going to keep the merry go round spinning - ridiculous as that seems - it's worked so far ue to HEFTY levels of denial)
- Hell... The charade might even go on for quite awhile if people like yourself keep finding ways to defend dick Bove, & Ritholtz keeps convincing dedue, franklin411, & Thor that it's all part of a 'typical recovery'...
- We'll revisit these 'Euro contagion' crises & US debt ceiling charades (probably on an annual basis for the forseen future)...
Meanwhile... Gas prices will go up... Food prices will go up... Gold will go up...
Some stuff won't skyrocket just yet (because they still believe that some Harvard-Princeton-Columbia grad was right in saying that PRINTING PAPER MONEY will eventually solve the problem)... Which will have the effect of 'stifiling' price discovery in other areas for the time being...
- E-Trade babies will continue to trade the spot valuations on those transactions (then pay ever increasing taxes on their winnings)
- Elites will FRONTRUN them & collect all their losses
- Taxes will go up
- The middle class will get vaporized
Basically...
Business as usual... YAWN...
are you ready for some football???
q's -
entirely sympathetic to your situ and p.o.ed state. just multiplying that in my mind by all the others whose gubmint checks could be runnin' a little late next week. whoeee! talk about a shit storm.
CV,
two things,
1. I'm not arguing with you, I agreed with you!!!! You are already right, there already is QE3.....chill out spaz.
2. Dick Bove is an asshat, but he's not telling people to buy buy buy, I have no problem ripping someone apart for stupid calls, I do have a problem when people misrepresent others.
and yeah...I'm ready for some football
Q's
I hear you, though I suppose what you describe should be expected when there is such a moronic chain of command to get anything done
it's government defined
DMV is exhibit A
I mean... for fucking pete's sake!!!
They've managed to stretch it out this far...
By now we're fully in to the 2012 campaign process... Stretching it out another 18 months while the dickhead TOTUS gives press-conferences every day outht to be fucking CAKE...
Who knew "Hope & Change" meant (HOPE that I don't PRE-EMPT "All my Children" & 'The View" today & force a CHANGE in program listings)...
Hey... at least CV wasn't stupid enough to vote for the MF... at least I have THAT going for me (with regards to my judgement capabilities)...
@ben
You pay a 10% juice for "wrong calls" in sports betting...
Which means you probably have to be 60% correct to even get past BREAK FUCKING EVEN on calls...
My NFL calls (& NCAA calls) are FULLY documented on this blog (Oscars calls as well & even some MACRO market calls - which are more 'toss outs' & I take LESS pride in than the aforementioned two)...
Bove is what? 1 for 20???
He's a fucking idiot... If I'd posted here on this blog for 20 years that the Bengals & Lions were going to be in the Superbowl, then told you the Steelers had a good chance to make it last year... You'd be laughing at me & calling me an asshat...
But go ahead & berate me for misrepresenting Bove at will... LOL...
72bat... rant over, took a walk, puff'd down a couple smokes and on the way gave $2 to a guy pushing a shopping cart with all of his belongings down the sidewalk. That put some things into perspective for me.
gonna try and NOT watch any news channels this weekend.
Trimmed beards bitchez!
The Bernank & Bove... Put those f-ers on TV & chances are that buys you another day in the "[enter religion of your choice] confetti" casino...
q's -
you had/have a legit cause to rant. glad to hear you have such good rant-management skilz, walking and observing. i-man surely would approve.
mellow weekend for all.
For the mathematicians & statisticians out there who require a LARGER SAMPLING SIZE on Bove...
For your amusement...Note: "B" is a buy rating - prize goes to whoever finds an "S" on that chart - which only goes to prove... A FUCKING BROKEN CLOCK may not even necessarily be right twice a day...
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/draghi/Bove%20BAC.png
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