A place where a skillful caddy always offers cool contemplation when it comes to your "stick" selection.
Creditcane™: Damn. I knew I should've never turned my back to my opponent.
SPXHammer day (also bullish harami). Midpoint below EMA(10). Still below all SMA's. Failing trend line (3/6/09-7/1/10). Tested and held the 38.2% retrace (1241.13). No daily 3LB changes (reversal is 1300.67). QE2infinity. Still below daily, weekly & monthly 3LB mids.
DXYBearish long day (also bearish engulfing). Midpoint above EMA(10). Holding its 0.0% retrace (73.51). Tested and failed 38.2% minor retrace (74.40). Still below all SMA's. No daily 3LB changes (reversal is 75.75).
VIXSpinning top day (confirmed hanging man). Midpoint above EMA(10). Still above all SMA's. Tested and held its 61.8% retrace (23.05). No daily 3LB changes (reversal is 16.52). Still running away from the "no fear" zone.
GOLDDoji day (also a possible evening star). Midpoint above EMA(10). Tested and failed its new 0.0% retrace (1664.50). Still above all SMA's. New high on daily 3LB (reversal is 1619.00). Holding above upper trend line. Must have the precious.
EURCHFBullish harami day. Midpoint below EMA(10). Tested and held its new 0.0% retrace (1.0829). Failing all SMA's. No daily 3LB changes (reversal is 1.1452).
JNKBearish short day. Midpoint below EMA(10). Now failing all SMA's. Failed its 38.2% retrace (39.80). Failing trend line (2/5/10-2/12/10). New low on daily 3LB (reversal is 40.45).
10YR YIELDSpinning top day (possible morning star). Failing all SMA's. Midpoint below EMA(10). Tested and failed its new 0.0% retrace (26.04). Still below the upper trend line. New low on daily 3LB (reversal is 28.05).
WTIBearish long day. Still failing all SMA's. Midpoint below EMA(10). Tested and failed its 100.0% retrace (93.34). New low on dally 3LB (reversal is 95.70).
SILVERBullish long day. Still above all SMA's. Midpoint above EMA(10). Still above the upper trend line. Tested and held its 38.2% retrace (40.69). New high on daily 3LB (reversal is 40.34).
BKXBullish harami day. Midpoint below EMA(10). Failing all SMA's. Tested and held its 100.0% retrace (44.57). No daily 3LB changes (reversal is 46.42).
HYG/LQDHammer day (or takuri because of extra long tail). Failing all SMA's. Midpoint below EMA(10). Tested and held its 0.0% retrace (0.7888). New low on daily 3LB (reversal is 0.8084). Failing its weekly 3LB reversal price (0.8022).
USDJPYBearish long day. Midpoint below EMA(10). Below all SMA's. Failing its 61.8% minor retrace (77.497). New low on daily 3LB (reversal is 77.85). Calling BoJ. Calling BoJ. Are you all bark and no bite? Still waiting for an answer.
COPPERBearish short day. Midpoint below EMA(10). Still failing SMA(21). Tested and held its 61.8% retrace (4.331). No daily 3LB changes (reversal is 4.478).
IT HAS BEGUN. BE WARNED.
Looks like we need to call in reinforcements.
28 comments:
From the "are you fucking kidding me?" file:
"Obama, after having spent the last couple of years fighting with Wall Street, might want to pick someone viewed as more sympathetic to the financial sector. Corzine, who was co-president of Goldman Sachs, could be exactly what the political climate ordered up."
http://mobile.cnbc.com/us_news/44007154
Does the average J6P really buy this? Are they really that out of touch with what has gone on? Or is their memory that poor?
mcHAPPY
If the J6P doesn't realize that another fox is being put in charge of the henhouse then...
mcHappy.
the "O" is clearly getting "marching orders" from somewhere other than his "community activist" roots...
just caught Neely's Gold update...
Pretty funny....
It was basically: "I've no fucking clue at all...who knows what's going to happen."
I like the honesty. EWI could take a clue from that sort of straightforwardness....
Ra,
thats a really solid hammer on the S&P....I'd think there's more upside left but that 50sma may serve as stiff resistance here.....
Ben22:
It's as clear as mud to Mr. Equivocation (aka, The Fuzzy One, aka the Wall Streeter Who Blogs, aka Big Head)...
Tonight:
"This morning, I suggested you could “Sell the Bounce.”
What I mean by that was that from the deeply oversold conditions, traders could use any levitation over the next few weeks (or months) to move to a more defensive posture."
~~~~
You got that? Is that clear to everyone?
When he said "sell the bounce"...he didn't actually mean the bounce from today.
Duh!
AT,
Considering that Neely was a top Gold trading timer for 12 months running during 2010 I agree, the honesty is nice to see
oh, btw, he was # 1 12 months running in 08 and 09 as well on Gold
boo yah son!
OT Well, never made it to the Long Beach pier, cell phone rang and it went dead. So, went to VZ to get another, THEY! talked me into a smart phone, (not iPhone) OMG, I bot my last cell phone in 2002 and worked great until today. Now I can spend all night figuring how this frik'n mini computer, mini onscreen keypad, mini everything works. How they get that whole web page on a 2"X5" screen I'll never know. Almost bot the 4G Droid 3 but there is a 3+ day wait. Bot a rugged (because of my job) Casio, $450 but after discounts and 2yr agreement, it cost $99. Now I get to deal with apps... pfft
wow, isee the market rallied, didn't close below major 18's 1244, wallstreeters are happy!
AT, heard a few times yesterday and today $1800 gold, who knows.
the market's in a really interesting position here. I can really see it two different ways:
We finished that 'netural' triangle and the x-wave is over and we're about to rip a bunch of bear's faces off....
Or, we're only in the middle of this powerful e-wave that should take us sub-1200 on the S&P500 no problemo. Then from there, the market will "grind" higher and frustrate the bears who just "know" it's all over....
the bigger picture common denominator is that the S&P 500 has most like peaked for the next few years. The chances of seeing a "new high" above 1370 is extremely remote.
So, longer term players should go ahead and start punching tickets "OUT" of this market on any good rallies...
925 looks like a "legit" target over the next couple of years.
B22, did ya grow some cojones today?
nah, did nothing
chart of interest, but this time is different, or is it?
Just got done reading the Hunger Games....my almost 14 year old daughter has been hammering me to read it...she and her mom have read all the books in the trilogy.
It was a 'fast' read for sure...
It's set "in the future."
Why is the future ALWAYS bad in 'futuristic' novels and movies?
@Andy
Re: Neely
"I've no fucking clue at all...who knows what's going to happen."
---
Umm... Somebody... REAL close to this blog... Has been trying to say what's going to happen for quite awhile now... Not that anyone gives a FF (because I'm not named Neely)...
Perhaps it's time to turn a watchful eye from Neely to CV (who said to arbitrage out of Ag into Au back in May)...
Now wouldn't that be a flippin gas?
AT,
if the x is over whats the minimum upside you think for the z wave?
what is that count neely is showing if you are getting the updates, I'm not sure I really understand it?
@ben
Just read the tail end of the previous thread...
Great... You're done conversing with me...
If fact... That goes double for CV... I'm done on this blog...
Nice knowing y'all!
Ciao! CV
Final prediction... Umm... I guess I'll take the Saints & Patriots in the Superbowl...
That's the end of my football & sports offerings as well...
Later...
CV:
I'll go Packers/JETS....
Your pick from last year.
CV,
can you read? I said I'd stop talking to you about markets, which really you should have no problem with because you are not involved in them.
see you in a few days
The BoJ called the MoF with a message "Do it!"
http://www.zerohedge.com/news/dollar-yen-surges-apparent-boj-intervention-did-noda-stop-watching-and-start-acting
I think I should write a computer program that predicts what Barry will blog about next. Basically, I can just put in some options like:
"Yaht,"
"Fishing trip with iBankers,"
"Claim to be a Libertarian,"
"Suck Paul Krugman's Dick [n.b., could be any Democrat],"
"Free markets tear apart the fabric of the universe,"
"Market call [closely followed by a reversal of call, but an explanation that it is not, in fact, a reversal but that people just didn't understand the timing/levels]."
PS: Since I'm in a mean mood, I pose this question to all of you: If Barry asked you to borrow a sweater, would you politely decline on the grounds that his rather bulbous head would permanently damage the collar (blatant Seinfeld reference)?
it is large though matthew
I imagine it something like an orange on a toothpick
Re: Yen,
I was reading a piece from Goldman this morning about the effects of demographics on rates in Japan and it made me think about the Yen. The premise of the paper was that the deposit-lending gap would narrow over the coming 10 years and reduce domestic demand for JGB paper (particularly from the banking sector). This would cause/force rates to rise in order to attract foreign capital.
For some reason, I think that this will put strong downward pressure on the yen. If that is the case, it is only a matter of time before market forces correct the yen. Whether or not this is bullish for Japanese businesses depends, in my opinion, on how they are positioned globally.
Regarding MOF/BOJ intervention, it is a sideshow (much like we get in the United States). They will intervene to appease the mercantilist domestic exporters, but the intervention will be largely symbolic. Zero Hedge can make wild headline claims about a 400 billion yen intervention, but that is a very small intervention. A more significant intervention would be multi-trillion yen, like they did 7 or 8 years ago. And the effect of a weakening currency would come from the credit growth [bubble] that the intervention would cause, not from the intervention itself.
Mrs. Watanabe and Mr. Tanaka don't stand a chance. They are a dingy being tossed by Atlantic waves. I expect that they will capitulate on their attempts at carry into NZD right about the time the big guns enter to short the fuck out of the yen.
I don't know, Ben. I imagine his head more like an orange on top of another orange. The top orange occasionally appears on bubblevision and other networks and makes a strange sound that may pass as intelligent speech in some circles (mostly the types of circles Yacht sizes are frequently compared).
g'night all. Same time tomorrow.
Matthew @11:22
"Mrs. Watanabe and Mr. Tanaka don't stand a chance. They are a dingy being tossed by Atlantic waves. I expect that they will capitulate on their attempts at carry into NZD right about the time the big guns enter to short the fuck out of the yen."
Now that was funny.
Oh and about the sweater. It would have to be made of the same material as those TempurPedic mattresses. Its the only way it'll keep its shape.
Gold, DXY, ES, YM, NQ are all higher. What's wrong with this picture?
Post a Comment