A place where a skillful caddy always offers cool contemplation when it comes to your "stick" selection.
Creditcane™: I have reached zen.
SPX
Bearish long day. Midpoint below EMA(10). Still below all SMA's. Tested and failed the 61.8% retrace (1168.03). No daily 3LB changes (reversal is 1254.05). QE2infinity. Still below daily, weekly & monthly 3LB mids.
DXY
Bullish long day. Midpoint below EMA(10). Holding above its 0.0% retrace (73.51). Failing the 38.2% minor retrace (74.40). Still below all SMA's. No daily 3LB changes (reversal is 75.75).
VIX
Bullish long day. Midpoint above EMA(10). Still above all SMA's. Tested and held its 0.0% retrace (39.25). No daily 3LB changes (reversal is 25.25). Ran back into the arms of the "extreme fear" zone.
GOLD
Bullish long day. Midpoint above EMA(10). Tested and held its new 0.0% retrace (1817.60). Still above all SMA's. New high on daily 3LB (reversal is 1784.30). Must have the precious.
EURCHF
Spinning top day. Midpoint above EMA(10). Holding above its 61.8%% retrace (1.1269). Holding SMA(21). No daily 3LB changes (reversal is 1.1266). The boulder is getting heavier Sissyphus. Don't slip.
JNK
Bullish short day. Midpoint below EMA(10). Still failing all SMA's. Tested and held its 38.2% retrace (38.07). No daily 3LB changes (reversal is 39.59).
10YR YIELD
Hammer day (we'll see if it gets confirmed). Failing all SMA's. Midpoint below EMA(10). Tested and failed its 0.0% retrace (21.73). Still below the upper trend line. No daily 3LB changes (reversal is 23.39).
WTI
Bearish long day. Still failing all SMA's. Midpoint below EMA(10). Tested and failed its 38.2% minor retrace (85.30). No dally 3LB changes (reversal is 91.93).
SILVER
Bullish short day. Holding above SMA(21). Midpoint above EMA(10). Tested and held its 38.2% retrace (40.69). No daily 3LB changes (reversal is 40.70).
BKX
Bearish long day. Midpoint below EMA(10). Failing all SMA's. Tested and held its 0.0% retrace (36.55). No daily 3LB changes (reversal is 42.34).
HYG/LQD
Bearish short day. Failing all SMA's. Midpoint below EMA(10). No test of its 0.0% retrace (0.7427). Tested and failed its 38.2% minor retrace (0.7585). No daily 3LB changes (reversal is 0.7910).
USDJPY
Bearish short day. Midpoint below EMA(10). Still below all SMA's. Tested and failed its 38.2% retrace (76.561). No daily 3LB changes (reversal is 77.03). Calling BoJ. Calling BoJ. The line in the sand has been crossed. We're waiting.
DJ TRANS AVG
Bearish long day. Failing all SMA's. Midpoint bellow EMA(10). Tested and failed its 61.8% minor retrace (4321.30). New low on daily 3LB (reversal is 4711.74).
IT HAS BEGUN. BE WARNED.
27 comments:
only one way to celebrate success...
http://www.capecodonline.com/apps/pbcs.dll/article?AID=/20110818/NEWS/110819756/-1/NEWS01
http://www.zerohedge.com/news/cue-panic-fed-resumes-liquidity-swap-lines-lends-200-million-swiss-national-bank-most-october-2
Cue Panic As Fed Resumes Liquidity Swap Lines, Lends $200 Million To Swiss National Bank, Most Since October 2010
If yesterday's news broken by ZH that one bank was in dire need of US dollars and ended up borrowing $500 million from the ECB was enough to send the market down almost 5% today, then the follow up news that the FRBNY just reactivated FX swap lines with Europe will likely send ES limit down at tomorrow's open. The FRBNY has just announced that in the week ended August 17, it lent out $200 million to not the ECB, not the BOE, but the "most stable" of all banks: the SNB. This is the first use of the Fed's Swap Lines since March, and the most transacted under this "last ditch global bailout swap line" (see more on how the Fed bailed out the world using swap lines here) since October 2010. This event also gives us a hint that the European bank in question in dire need of cash is Swiss, which in turn means that it is not some usual PIIGS suspect, but one of the two "big ones." If true, this means that the European insolvency, liquidity and what have you crisis is about to take an exponential step function higher.
BAC pulled out all the stops to hold $7.
AR,
re: ZH snip
it was Never the PIIGS 'Banks' that ever, truly, 'Mattered'..
The Big Swiss, and German, and French (to say nothing of the 'Big English') "Banks" were the ones that 'needed Protection'..
as Malcolm X used to say: "By any means Necessary.."
We, so Bombarded, readily Forget, in '007-8, that it was the Swiss, and German, not, as alleged "that were Sold, by Wall St., the 'toxic CDOs', but, were Exposed to Polish/Romanian/ Slovenian/ et al., etc. CHF/Franc denominated RE (+) Loans that went a'cropper...
that needed FedRes, Round I, Bailage, via the 'Swap Lines'...
the FedRes pulles that S***, b4, in the '20s/'30s (at the min.) ... to protect their own(as always) at the expense of the 'Cained Peep(as always).....
LSS: the Rhymes keep repeatin'
AAIP
"pulles" ~ pulled..
else, feel free to Ask..
ibid.
you know, I wonder how many of those kids in those mandatory sessions will be getting lectured by some adult that regularly cheats on their spouse or better yet, looks at child pornography on their own time
and since spoonman isn't doing it....I want to
Gold.....very powerful!
ben22
There is a very strong possibility that gold will break $2000. I'm thinking October.
Ra,
you know what, I dare say that is a foregone conclusion
i don't know when....but I think it's a lock to get that high and higher
I say this knowing full well the bond market clearly has other thoughts....but you know, it's just what I think I'm observing, gold is simply being treated as money
perhaps now having said that it will drop real big....
@Amen
Cue Panic As Fed Resumes Liquidity Swap Lines...
---
Ummm... This is basically what CV was 'nudge nudge hint hinting' about yesterday, (I think - all days seem to blend into one another these days in the mind of CV), when... if I remember... you asked some kind of question...
Oh... here it is...
http://traders-anonymous.blogspot.com/2011/08/morning-corner-81611.html?showComment=1313508163065#c2898790346354127408
...Via PROXY BITCHEZ!
Just keep telling yourself... "The buck stops here"...
(as in... ON YOUR FUCKING FRONTLAWN YOU MORON U.S. TAXPAYER... First... the Fed [who has nothing to do with anything] will provide swap lines & liquidity for the future bailout of your choice... Then, find a way for the US Federal government to put it on their balance sheet & tax it out of it's constituents (with the help of a few 'rah rah's' from Warren Buffett)...
It won't take much after that for the 'thought' process to take hold... because the morons like Krugman & Ritholtz will be on board (followed on down the chain of command thru rank lieutenants & finally into the infantry scrub private & 'cook' rank scrubs like Thor, denise, & Mannwich)...
So basically, they'll go on debasing the currency... to glidepath us all down... whilst MORONS applaud their success...
& in the end???
ump all the worthless FIAT on your front lawn...
YAWN!
Can I watch some pre-season football now?
here, if anyone needs a laugh after today this might do it for you:
http://www.youtube.com/watch?NR=1&v=w-eF7APJlgo
AR.
Thanks for the wrap on the awesome new BEAR picture....
@AAIP--
Spot on commentary on who is really at risk in the euro piigs deal...
Maybe 'King James' could also apply for a job...
I hear they need employees for the 'tool' department...
http://sports.yahoo.com/nba/blog/ball_dont_lie/post/Delonte-West-is-seeking-out-a-hardware-store-job?urn=nba-wp7562
I'm going to sell you (hammers)...
Not 2... Not 3... Not 4...
http://www.youtube.com/watch?v=ck_VvBW-As0
http://www.youtube.com/watch?v=reTx5sqvVJ4
Steelers LT just got hurt on the first play of the game
I'm pretty sure I saw Hines Ward doing the fox trot during warm-ups
"...First... the Fed [who has nothing to do with anything] will provide swap lines & liquidity for the future bailout of your choice..."
this.."...the Fed [who has nothing to do with anything]..."
especially, is too, to me, F****** F**** .. :)
AAIP
I made it back into town safely and all fish were returned to the lake safely (albeit, one got a nasty hook in the belly and might now make it). I will call into office tomorrow and make sure that the world didn't fall apart while gone. Hopefully, someone will provide me with some color in fixed income (or at least a funny anecdote to share).
I did some drinking this evening and may need to sleep it off.
Ben: Thanks for the link last night.
Andy: Thanks for the note about Barry Ritz. I think that if his head gets any bigger, it may explode.
The weather has been tremendously beautiful in the midwest this past week (sans the rain storms that moved through Saturday).
Life is good. I feel lucky.
Cheers, nmatt
Who opened the can of whup azz on futures?
I see Paulson getting a lot of negative press lately in re: his hedge fund performance...
First axiom of any hedge fund or "big time" trader:
"Go big or Go Home. If you don't eventually blow up, you're not trying hard enough."
You can quote me on that .....
We might see 1860 for gold by the open.
BofA cutting 3,500 jobs, more may follow: report
http://news.yahoo.com/bofa-cut-3-500-jobs-current-quarter-report-033242477.html
---
Ways how we need to spend another trillion to 'save or create' 4,000,000 new jobs WHILST reducing the deficit to come via dispatch from Martha's Vineyard in...
8...5...3...2...
Foreign students walk off Hershey’s factory job in protest
http://news.yahoo.com/blogs/lookout/foreign-students-walk-off-hershey-factory-job-protest-214310205.html
'Businesses save about 8 percent by using a foreign worker because of Social Security and other taxes they do not have to pay.'
gold,
$1865,
ya know sometimes it's hard not to sell some that was bought years ago... very hard
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