A place where a skillful caddy always offers cool contemplation when it comes to your "stick" selection.
"Only YOU can prevent this from happening."
Creditcane™: Japan gets downgraded and I couldn't do anything. How are these miracles possible?
SPX
Bullish long day. Midpoint above EMA(10). Still below all SMA's. Tested and held the 61.8% retrace (1168.03). No daily 3LB changes (reversal is 1254.05). QE2infinity. Still below daily, weekly & monthly 3LB mids.
DXY
Spinning top 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
Bearish short day (tested but didn't close gap). Midpoint below EMA(10). Still above all SMA's. Failing its 0.0% retrace (45.40). Failing its 61.8% minor retrace. No daily 3LB changes (reversal is 25.25). Escaped the "extreme fear" zone.
GOLD
Bearish long day (confirmed bearish engulfing). Midpoint below EMA(10). Tested and failed its 61.8% minor retrace (1781.50). Still above all SMA's. Daily 3LB reversal down (reversal is 1891.90). Must have the precious.
EURCHF
Bullish short day. Midpoint above EMA(10). Holding above its 61.8%% retrace (1.1078). Holding SMA(21). New high on daily 3LB (reversal is 1.1318).
JNK
Spinning top day (didn't confirm bulish piercing). Midpoint below EMA(10). Still failing all SMA's. Still failing its 38.2% retrace (38.07). No daily 3LB changes (reversal is 39.59).
10YR YIELD
Bullish long day (ocnfirmed hammer & closed gap). Failing all SMA's. Midpoint below EMA(10). Holding above its 0.0% retrace (20.92). Daily 3LB reversal up (reversal is 20.71).
WTI
Spinning top day. Still failing all SMA's. Midpoint below EMA(10). Holding above its 0.0% retrace (80.32). Tested and failed its 38.2% minor retrace (85.30). No dally 3LB changes (reversal is 92.08).
SILVER
Bearish long day (confirmed bearish engulfing). Tested and failed SMA(21). Midpoint above EMA(10). Tested and failed its 38.2% retrace (40.69). No daily 3LB changes (reversal is 37.89).
BKX
Bullish long day (2nd day of 3 white soldiers?). Midpoint below EMA(10). Failing all SMA's. Holding above its 0.0% retrace (36.25). Daily 3LB reversal up (reversal is 35.10).
HYG/LQD
Bullish short day. Tested and held SMA(21). Midpoint above EMA(10). No test of its 0.0% retrace (0.7427). Tested and held its 61.8% minor retrace (0.7682). No daily 3LB changes (reversal is 0.7910).
USDJPY
Bullish short day. Midpoint above EMA(10). Still below all SMA's. Tested and held its 38.2% retrace (76.561). No daily 3LB changes (reversal is 77.03).
EEM
Spinning top day. Midpoint below EMA(10). Failing all SMA's. Tested and held its 38.2% minor retrace (40.20). No daily 3LB changes (reversal is 45.46).
IT HAS BEGUN. BE WARNED.
32 comments:
Well, interesting day. Sort of. Now that we see the Germans have decided that they don't want to co-sign for the PIIGS and Angela must see that that dog don't hunt, I wonder how long we get these bounces. Industrial production, as I mentioned, is falling globally. Orders today were planes and autos...not so much dishwashers...and speaking of autos:
http://www.bankrate.com/finance/debt/my-lender-refuses-to-repossess-my-car.aspx?ec_id=m1080689,m1080689
(from Mish)...
@Q's
previous thread
first, on the boats, hit me up here if you want
McFearless11235@gmail.com, I grew up around fishing boats on lake erie, I can't say I know a ton about them but I could probably get you in touch with people that do. I have two cousins that are boat captains back home for perch and walleye trips.
As for this
"B22, $50K average really doesn't seem like much but in this plastic world where peeps think they can spend more than they have, why would they save?"
No, it's not a lot of money at all, that's the gross amount and I'm pretty sure $50k is about what the average balance is, also remember anything coming out of 401k that went in pre-tax is going to be taxed as ordinary income on the way out....think the tax brackets are going up or down in the next 10 years?
nobody can retire off $50k, no way.
401(k) Programs are the biggest 'Sucker Bets' going...
nothing, but, Coins to clipped by the 'Asset MGMT'-IC, then, the Rest? OPM to Fuel the Font of the Eternal Bid...to say Nothing of the Proxies, Stripped, from those who Paid to Acquire them--in Exchange for Nothing, but Fees.
"Charlie Merrill" should be Hung, in Effigy..
AAIP
Amen Ra,
nice Chartage, good Going~ Truly, Yeomen's Work--You are Doing!~
re: 401ks
lots of big companies offer self directed 401k's now
DuPont, for example, but there are many.
for people that have that option there is no excuse, on the DD option for example you have an open platform with 1,000's of funds to pick from, some companies allow a self directed where you can buy individual stocks and ETF's as well
the problem is these require extra work, so more often than not people simply stick with the standard option of a dozen or so funds.
the other thing about 401k's is that yes, lots of mutual funds suck, but they don't all suck, and much like in a Democracy if you work at a private company and your funds suck then open your mouth already! Go to your HR and complain, they will respond to you if you push them, I've seen that occur at very large companies where enough people complain about investment options and they will overhaul the entire plan
people have to take some responsibility here too, its your money, if it is important enough to you you'll do what you need to.
Steve Jobs resigns as CEO of Apple.
Ra,
here's a good quote for potential QOTD from a book I'm reading:
"Pride of opinion has been responsible for the downfall of more men on Wall Street than any other factor"
- Charles Dow
Ra,
just saw that, wow, big news
it's sad though, I wish Jobs the best.
"lots of mutual funds suck, but they don't all suck"
the Above, is True.
This:
"people have to take some responsibility here too, its your money, if it is important enough to you you'll do what you need to."
while True, is, Sadly, beyond the Ken of the, too, Many--who'd, rather, spend their Daze--invested, Researching, on the next Vakay-"Hotspot", their next "Ride", their (Seasonally Appropriate) next "Fantasy Football"-Draft..
On one Hand, it could be Correct to take a "F*** Them, Running"-POV, but, really, at the EOD, it is "the Sistema"-- that leads/guides/cajoles those types of Proclivities-- that Needs the "Them, and their Horses"-Response..
ibid.
re: Jobs announcement..
that should be Good for ~10%, Downside, reaction, no?(yes?)
ibid.
ben22
Was he talking about sell side analysts?
(/sarc)
There are some silly azz commenters at ZH in the Steve Jobs article:
"I felt a great disturbance in the economy, as if millions of hipsters suddenly cried out in terror and were suddenly silenced. I fear something terrible has happened."
"while True, is, Sadly, beyond the Ken of the, too, Many--who'd, rather"
I stopped there b/c I had to look that phrase up, heard it before but I wanted to be clear on the meaning:
http://www.phrases.org.uk/meanings/63900.html
Meaning:
Beyond our understanding.
the problem with this statement is that what you say afterward is a choice, it is not the result of people not be able to do something, it is because they are unwilling to do it.
Having studied in detail the Dow Theory there is no doubt in my mind that even someone of average intelligence could be taught how to apply it in its most basic form (which works!) to market. The best thing about it is that for all the American Idol Fantasy footballers out there (that's me in fact)....it takes very little time!
I do not have an eff them attitude so don't want it to come across that way, and no doubt "the system" helps keep them away from finding that information...no doubt about that at all, but thats why I'm saying peeps gotta take some responsibility....gotta do a little digging...if it is important enough to them they would
but I think since that's a choice involved here then blaming the system for many is really just a cop-out.
mock drafts, bitchez.
"peeps gotta take some responsibility....gotta do a little digging...if it is important enough to them they would.."
the Above, is, no doubt, True.
"..that's a choice involved here then blaming the system for many is really just a cop-out..."
yes, it Is a Choice, though, while some Do 'blame "the System"', I think Many are not even Aware of its Effects..
and, Really, past a, certain, Point
, It is "On Them"--no Doubt.
AAIP
@b22 (9:18)
Yeah... Put your glad rags on...
"MOCK" around the clock (because it's gonna take such an effort to take CV down)...
http://www.youtube.com/watch?v=F5fsqYctXgM
@AAIP
I had 2 horses in Italy that I stabled...
None here... YET
@AAIP
Oh wait... let me correct that...
I had 2 "non-existent" horses in Italy... a place where I never lived...
@Ben.
thanks for the quote...
Good one.
I just found out I got into a $250/hd PPR league...
Draft is tomorrow...
I'm scrambling...
Mock Drafts bitchez....
cool thing about the "non-existent" maneggio that stabled the "non-existent" horses was that it also had a "non-existent" pizzeria that I used to eat "non-existent" pizzas in often...
Loved the "non-existent" paper tablecloths... I used to NOT show up with a pencil & just write & draw stuff (in "invisible" ink - of course)...
@Andy (9:40)
I'd give you my PPR cheat sheet...
But afterwards... I'd have to KILL you...
Either that or I'd unerwrite you for a buck (but then I'd have to be your GM)...
CV,
Man, you should see me in this draft
unstoppable on paper baby
I'm in a 14 person league....which really sucks.
that's just too may teams IMO.
yeah, 14 is a stretch, rosters get too thin when its that deep
14 is ridiculous...
MOCK drafts you can't really learn much from...
I swear... I'm not kidding... This IS NOT EVEN a 'mock draft' (this is a real team)... & I have this roster...
NO LIE! (I'll screen print it & prove it)...
QB - drew Brees
RB - LaGarrett Blount
RB - Mike Tolbert
RB/WR - Vincent Jackson
WR - Calvin Johnson
WR - Greg Jennings
TE - Kellen Winslow
d/ST - Patriots
K - Neil Rackers
BE - Tom Brady (I friggin have Tom Brady & rew Brees on the same team)
BE - Steven Jackson
BE - Robert Meachem
BE - Beanie Wells
BE - Montario Hardesty
BE - Tim Hightower
BE - Greg Olsen
Bunch of friggin 14 year olds probably...
Just got home from work. It was a very busy day. There are lots of weird things happening in fixed income land, but it is much better than before.
I will wait to give serious commentary until we see which way the "Helicopter" flies (Friday?).
401k is a scam. The fiduciaries ultimately have total control over "your" account. The tiny contributions provided by the employer are effectivley a cheaper way to bind you to the company than traditional pension. Withdraw the money and you get crushed on taxes and penalties. Unless you want to wait until this failed retirement scheme is nationalized. Then no worries.
401(k)s are fine if there is a reasonable employer match. I see a problem in 401(k) plans in which there is no employer match or the employer match is a small percentage of the employee's investment. I have seen a lot of variance in plan features and structure, so I don't like to make a blanket statement about the quality of 401(k)s, in general.
Also, some plans have average fees (across all fund options) of more than 1 percent. That is a problem, in my opinion (especially when they are mostly index funds).
My previous employer had a plan with the following features:
1. 100 percent match on contributions, up to 5 percent of income
2. 30 funds representing fixed income and equity strategies (domestic and international)
3. Self directed investments (I was responsible for choosing funds)
Most funds were index funds with fees less than 30 bps.
Does that sound like a scam to you?
On CNBC's Fast Money today, one of the "traders" had a chart showing how gold's recent run "eerily correlated" with the 79/80 top in gold. I'm not quite sure how they did that -- this last run went 30% in 2 months. The 79/80 run was 100% in it's last 2 months. I think they took the last 15 days of gold's run in 79/80 and stretched it out over the last 7 months of this year so the percentage gains would look similar (even though the speed of those changes would be a full order of magnitude different!)
cv--
http://football.yippy.com/
may be cool..
AAIP
QOTD:
Quote of the Day:
"Pride of opinion has been responsible for the downfall of more men on Wall Street than any other factor"
- Charles Dow
(H/T McFearless Ben)
ibid.
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