Morning Corner 8.11.11

Rough Rice (weekly info)
-no change (above mid)
direction=up (1 bar)
low= 16.98
rev= 13.16; mid= 15.87

Rough rice is starting to break to new highs. It's above all SMA's. It closed above its 61.8% minor retrace (16.92). These prices are not good for China as their citizens will become angry. Food inflation is serious there.

Wheat (weekly info)
no change (above mid)
low= 702.00
rev= 846.50; mid= 774.25

Unlike Rough Rice, Wheat has been stuck in a trading range for the past month. It's trying to get above the 38.2% retrace. It's back above (and trying to hold) the SMA(233).

CAC 40 (weekly info)
WEEKLY REVERSAL new low 3278.56
direction=down (1 bar)
low= 3278.56
rev= 4157.14; mid= 3717.85

Et il est allé. France's stock index is set to test the July 2009 lows. It's below all SMA's. It's below its 61.8% retrace (3138.89). It's also trading below its monthly 3LB reversal price.

Bears motivational speech before the market open...


cv said...

This is funny (from ZH)

"We bring you this special announcement courtesy of the White House which has informed that American plebs that following a fantastic job well done, in which the market is now back to pre-QE2 levels, unemployment is near record highs, delays for presidential press meetings compare with Newark airplane take offs, pessimism is at record highs, America's credit rating has just been downgraded, the country was nearly bankrupted, and sales of end of the world provisions are through the roof (not to mention ammunition), president Obama is taking a well-deserved vacation at Martha's Vineyard at the end of the month. From Bloomberg: "President Barack Obama will vacation with his family in Martha's Vineyard at the end of this month as he's done in years past, the White House said Wednesday, despite the weak economy and negotiations on the nation's debt problem. Press secretary Jay Carney defended Obama's plans to take a break even as he's pledged urgent action on those issues. "I don't think Americans out there would begrudge that notion that the president would spend some time with his family," Carney said." Spot on, Jay, spot on."


Keep telling everyone how you "inherited" this mess...

I may just vote for Obama in 2012... Willing to overlook the fact that he "inherited" the last 4 years from...


ben22 said...

Who will buy government bonds when the Fed ends QE2?

The 30 year bull market in bonds is over

4% seems about right on the 10 year

and so on

I suppose PIMCO is finding out the answers to all these questions, interestingly enough while 4% was stated as "just about right" for Gross to buy back on the 10 yr, he apparently changed his mind as PTTAX is now about 9% government bonds and growing

He also stated last year in the fall that nobody would ever snap up 5yrs at 1.5%.....

I guess everyone was waiting for them to go below 1% then....

PIMCO's explanations for causation in the markets are incorrect El Erian and Gross uttered each day for nearly two months leading up to the end of QE2 that surely bond yields had to rise after June 30....

and,....this just in

European markets may ban short selling in banks and other financial assets

Hey.....Europe, you want to really tank your markets? Then go ahead and ban the shorts


cv said...


go ahead and ban the shorts

Next up... Nixon style "wage & price" controls...

To commence in 8...5...3...2...
Yeah - that really worked - lol


Someday, it'll probably be curiously hilarious to sit & watch obama on TV trying to do his best Morgan Freeman (from that idiot movie 'deep impact'), telling people (from the teleprompter - as a ferocious comet was bearing down on the Earth), that...

"there will ne no hoarding... I'm freezing all prices effective immediately... What a bottle of water cost you yesterday, it will cost you tomorrow... You will go on paying your bills..."


ben22 said...


ok, if we get a bunch of sideways action for a few days, perhaps some sticks with lower shadows that don't approach the recent lows

that might be an indication that bulls have reinforced their ranks and are pushing the bear brigade back

futures session was spastic again so hard to say

AmenRa said...

SNB selling francs with reckless abandon as Swiss Francs were down over 4%.

AmenRa said...


I was just looking at the turnaround in futures. This makes no sense.

Also appears BOJ is doing a little selling.

Anonymous said...

the thing runs ~13 minutes..

that it was a worthwhile 'thought-piece'


from previous Thread..yes, I do think that *History is, far, pre-dates the 'Fertile Crescent'-episode..

admitted Archeological finds, in India, have been *dated back to ~8-10, 000 years..


is not the exact reference, but an interesting Story of how Archeology, and its suppression/manipulation, is used to capapult different *Historical narratives..


Anonymous said...


this is starting to feel like a 'bottom', yes?

If, big IF, right?, the Euros can keep a 'lid' on their Insolvent Banks, "We" may have seen the 'local Lows', for this move..

anyway, that's what it's starting to feel like..


ben22 said...

check out SODA

crushed today

going to work on that chart next few days then.....might be another set up now

ben22 said...


yeah, it's def. a big IF but hard to deny at least from a sentiment perspective that it's not short term bullish at the min.

check out some of these charts:

cv said...


Mu & Lemuria

As far back, possibly, as 800,000 years (even more perhaps)...

But WE'RE, undoubtedly, the smartest most advanced civilization... EVER (or that EVER will be)... Just look at our brilliant accomplishments...

- We voted for Bush
- We voted for Obama
- We invented modern central banking
- jetpacks are coming in 8...5...3...2...

Anonymous said...


seems an interesting tale..

I knew, really, nothing about it, til' now..


QQQQ said...

done for the day, actually done for the week

yesterdays gold/crude trade worked out great... cha-ching!

still long natty into next week

cv said...


Yeah we're so technologically advanced these days that we can feed ourselves 'assembly line rat burgers' & write HFT algos that can steal & wipe out portfolios in a millisecond...

But we can't figure out, or confirm, or deny, that those lands & civilizations ever existed...

If Obama REALLY wants a legacy, he ought to quit with the teleprompters, & start putting up easter island style monoliths on the White House Lawn...

AmenRa said...

SPX had a bullish harami followed by a bearish harami followed by a bullish harami. No mas.

Anonymous said...


so much for "Raging Sell Signal(s)
"that 'Double Top' ~78 is "Textbook"

what an Over-Hyped POS that whole 'Deal'(SODA & its Product is)


QQQQ said...

SODA puts = lottery... +1240%

Andy T said...

really looks like an abc up from the lows right now. if you look at the sep s&p futures, the a=c targets 1206...or 1209 on cash.

the same a=c on cash takes you 1190 ish.

good stuff.

Andy T said...

El Tigre looking a little shaky ....

QQQQ said...

AT, SPX... looking at 15min chart... ugly inverted H&S last 4 days, no?

ben22 said...


you are talking tuesday's lows

just curious, do you favor cash of futures right now with that odd move after hours to 1070 that never happened (at least not yet) in cash?

which do you give more weight?

Andy T said...


Great question....

Not sure really how to treat it to be honest. The algos/humans can see the move that's there on the forms a pattern....

So, difficult to ignore it...

Andy T said...

would be "funny" if if the weekly settle comes in at 1178.

Andy T said...

what would the world be like without Barry dropping "truth bombs" ....

I wrote this to him:
Maybe need to define the difference between “truth bombs” and being “bombastic.”

There are people who watch Fox and thought Glen Beck was dropping “truth bombs.” Ditto the dittoheads with Limbaugh.

Let’s not forget your other “truth bombs”


Oh well...guess not ever "bomb" hits....

Funny stuff.

For all I know, BAC is a shitty company that should go into bankruptcy. They certainly looked so a few years ago ....

But, after 2.5 years of the Fed giving the money away and monetizing the shitty MBS, I really have no idea.

I didn't realize BR was an expert in BAC stock.

ben22 said...

"I didn't realize BR was an expert in BAC stock."

I wonder what happens to all that great desire for truth when it comes to his market calls, at those times he prefers being as ambiguous as possible. That would appear to be more of a selective truth bombing, you know, more like what all people do, and I mean ALL people.

but who am I to bother the Barry brigade

interesting close folks

big volume came in

I bought some puts on CSCO today, I made an intraday trade on SODA calls

it worked out good...but it was tiny money, gotta bid those in nickel increments so I wanted to move in and out fast, I'm not much for knife catching but down 40% in a day is worth a look....

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