Morning Corner 8.5.11

ES (weekly info)
-no change (below mid)
trend=no
direction=down (1 bar)
low= 1263.75
rev= 1354.25; mid= 1309.00

The 61.8% retrace happens to line up with the lows from 11/16/10-121/10. That's the next level of support if the 50.0% retrace fails to hold. It's below all SMA's. It's below its daily, weekly and monthly 3LB mids. Standing on the edge of the cliff and not realizing it has started to crumble away.



CSCO (weekly info)
-no change (above mid)
trend=no
direction=up (1 bar)
high= 16.48
rev= 14.93; mid= 15.71

After a few weeks of "happy, happy, joy, joy" the weakness has returned. With a vengeance. It never made it to the 38.2% minor retrace and is now trading below its weekly 3LB reversal price. It's back below all SMA's and its 0.0% retrace. The lows from 11/08 & 2/09 are the next levels of support.




****I'm having problems posting comments on blogger.com today but can post blogs. Go figure.***

69 comments:

Anonymous said...

cross-post

Anonymous said...
http://finviz.com/quote.ashx?t=CTL&ty=c&ta=1&p=d

anyway, this is what I was thinking of, when I was 'asking'/'telling'..

"I wonder how much Cock is going to get cut off from CTL"

crudely, it's a play on the "Yield-Ho"-'phenomenon'..

here,
16-Mar-11 Upgrade Stifel Nicolaus Hold → Buy $44

does anyone know where "Stifel Nicolaus", even, came from ?

AAIP

August 5, 2011 6:50 AM

cv said...

Gotta love Ozzie Guillen...

http://sports.yahoo.com/video/player/news/Graham_Bensinger_InDepth/26116817#news/Graham_Bensinger_InDepth/26116817

Anonymous said...

http://www.zerohedge.com/contributed/going-dow-n

some of those are pretty funny..

ibid.

ben22 said...

its so funny, the mad dash of guests being paraded onto CNBC to talk about forward earnings, as if the reality isn't that even if they knew exactly what earnings would be at year end they have no clue at all what multiple the market will assign to it

these guys spout off over and over again how "cheap" stocks are as if there was never a time stocks fell to low single digit p/e's......please

and to be sure, I never thought they'd be able to find someone that knew less than the three stooges in the morning about markets but they've found their man in Andrew Ross Sorkin.....what a total clown this guy is

couple him with jeremey siegal this morning, it's an idiot hoagie.

ben22 said...

also, apparently every single market participant in the world is about to allocate their capital based on whatever this job number is going to be

that's how it goes folks, data comes out, every single market participant gets the news at exactly the same time, they carefully go through all the data, double check it, compare to all historical levels, carefully assess the meaning of it all and allocate accordingly

bwahahahahahahaha..........NOT

ooooh, ooh, look, Diane Swank from Miserable Financial, this should be hilarious

she always "hope's she's wrong"

and she is about 99% of the time

Mark Zandi......lol

Anonymous said...

CrackieMac,

right, that flippin' Swonk y Zandi tag-team duo...

like, wtf?

do 'people', really, take those two "Seriously"?

and, like they're answering a Call, from Central Casting, those two, seemingly, are always 'trotted out' at "times like these" ...

"Farce", barely, begins to scratch the Surface of the *Reality..

2. A ludicrous, empty show; a mockery: The fixed election was a farce.
http://www.thefreedictionary.com/farce

also, you know, with the 'CrackieMac'-thing, just, funnin' ~

AAIP

ben22 said...

oh yeah, the CrackieMac is funny.....no worries

and yes, these two are always here for the big jobs number, and they always do the same thing, whatever the last number was they extrapolate it

the expressions on the faces after each report is usually worth sitting through it all

meanwhile ARS continues to ask everyone "is it like Lehman, is it like Lehman"

because you know......read his stupid book

Anonymous said...

ARS is missing the "E"

dude is, total, Tool

"his" Book, and the Movie made 'from it'--to say nothing of his own presentation of himself--are all the Proof one would need to understand it..

AAIP

ben22 said...

I probably wouldn't find ARS even half as annoying if he would let just one person complete a thought

it's not an interview when you just keep interrupting mid statement, every statement

it's more about.....it just turns into him talking and what is coming out is total nonsense

he doesn't even know how to look at futures/fair value and figure out where the open would be

shouldn't that be part of the deal if you are going to anchor in the morning, you have to actually know SOMETHING about the market.....

cv said...

Yeah but...

If you squint your eyes real hard... Swonky kinda sorta has a MILF thing going...

& as for the rest of the 'Corvettes' on CNBC... Well - most would probably do a half decent job at washing your car...

http://www.youtube.com/watch?v=XiU3XkQziDk&feature=related

Anonymous said...

cv--

that's the only thing that allows Swonk to 'Porchmonkey' at the 'Big House'( the "In-Crowd" hang )..

that, and she, obviously, 'Swallows'--given the nonsense she re-(-iterates/-gurgitates)

ibid.

past that, cv--, I thought you were going 'Vakay' ?

Jennifer said...

Attractive mothers everywhere reject the notion that Diane Swonk could hang with us :-)

AmenRa said...

Labor force participation rate 63.9, change -0.2
Employment population ratio 58.1, change -0.1
Weekly hours 34.3, change 0
U6 16.1, change -0.1
B/D -18

Andy T said...

@Jennifer

"Attractive mothers everywhere reject the notion that Diane Swonk could hang with us :-)'

Bwahahaha. I have to agree. I'd have to squint VERY hard to see it ....

And/or be really drunk.

AmenRa said...

Bullishness didn't even make it 30 minutes. ROR

AmenRa said...

TICK low reading -1222. Ouch.

ben22 said...

no way...swank is not a MILF

I'm selling that

looks like the 50 sma wasn't having it this morning....no soup for you bulls

Anonymous said...

to be clear..

"swank is not a MILF"

x2

ibid.

AmenRa said...

from Ransquwak

08-05 10:17: Market talk that S&P may downgrade US after market close today

ben22 said...

oh, well, surely that will stop everyone buying treasuries then, right Mohammed?

interest rates will most certainly go to the moon, I mean after all they were going to do that anyway once the Fed left the market

uh huh.......

cv said...

past that, cv--, I thought you were going 'Vakay' ?

---

Vakay starts in 5...4...3...2...

ben22 said...

1158 was once a crucial level

I can't wait for the bounce, I will short up to my eyes.....

cv said...

"to be clear..

"swank is not a MILF"


---

To be CLEARER-ER... Swonk is not a MILF... But SWANK is...

http://img.wallpapermenu.com/hilary-swank-wallpapers_7909_1024x768.jpg

cv said...

If you ask me...

At the moment, the most important thing in Clarence Beeks briefcase is not the crop report... Instead - it's the flight manifests & tower logs for KJAC...

Jennifer said...

Andy - you're coming to Chicago this weekend, right? Have a blast.

AmenRa said...

Todays SPX candle is not a reversal. But it's still early.

AmenRa said...

Hide the women and children. Lock the doors. Close the shades and stay quiet. Lock and load. This too shall pass. ROR.

Anonymous said...

McB,

check this ..

http://quotes.ino.com/chart/?s=NASDAQ_IPSU

9.79 -13.40 (-57.78%)

yo~!

AAIP

AmenRa said...

1168.03 is the 61.8% retrace. Market traded down to 1168.09. Guess the market remembers what happened yesterday with 1204.58 (50.0% retrace).

QQQQ said...

Major 18's 1174 breached then unbreached, may be short term bottom?

AAIP, re: IPSU

now back to looking for a job... grrr

AmenRa said...

20 handles in 20 minutes. A new world record.

-----------------------
Italy having more problems: http://www.zerohedge.com/news/it-just-got-worse-italian-treasury-just-announced-it-will-not-sell-3-month-bills-august-10-auct

AmenRa said...

ben22

TICK low today -1424. Wow.

AmenRa said...

YGBFKM...

Andy T said...

AND, Boom Goes the Dynamite.

ben22 said...

@AAIP

holy shit, I had not seen that re: IPSU

no joke and there are others here that can verify, I sold out of that several days ago for a nearly 25% profit

thats what they call just in time

the start was starting to look strange to me so i took it off telling a few clients that I'd look to get back in at some point....but not after that kind of move

I got lucky basically....

ben22 said...

the H&S target hit exactly and we bounced....how bout that, it did play out

guys, just heard from a fairly reliable source within blackrock that the downgrade of the US IS going to happen after the close today

they have warned the people that calculate NAV on their funds that they will not use 3 pm pricing today but 4 pm and also warned that they may need to take a 5% across the board haircut on most funds as a result

stay tuned.....don't puke

we'll know if this is at all legit in not so many hours

AmenRa said...

ben22

I can almost guarantee that the MSM WILL NOT mention this development while the market is open.

ben22 said...

just double checked my dates on IPSU

I bought on 7/6/11 and sold the last share I had or clients had on 8/3/11

lucky lucky

Anonymous said...

McB,

if I was their 'Broker', I'd send them that Chart of IPSU, just, 'so they know' .. ~

AAIP

ben22 said...

these huge intraday swings

so 2008

love it....

Anonymous said...

cv--,

don't take this the 'wrong way', but why don't We hear about this..

http://finviz.com/quote.ashx?t=BAC

along with the SB Winners, Derby Champs, and Prom Queen picks?

ibid.

mcHAPPY said...

With everyone looking to short a bounce, will the bounce go higher than anyone expected, much like the fall?

OR will there even be a bounce that lasts more than 15 minutes?

AmenRa said...

Trailing stops. Love'em or hate'em at your peril.

ben22 said...

alright

call the close, or upside projection on the bounce

likely not over, lots of volume surge on 5 min bars leading into this

ben22 said...

there seems to be a mad dash to draw comparisons for tops to 2007 and bottoms from 08/09

heard both arguments several places today

maybe be careful with that

Jennifer said...

Tim Knight had an interesting note at SOH on Fib time sequences....3 months ago he projected today as a short term bottom.

Jennifer said...

Now the rumor about the downgrade is on CNBC -- seems like it can't be true.

ben22 said...

Ra,

as of now I dont' think the chances are very good for it to happen but if we can close near the highs of the session there's another hammer that gets painted today....

AmenRa said...

WTF???

AmenRa said...

ben22

Sorry for the delay in me response. Blogger.com decided to get its panties in a bunch and owuldn't let me comment.

The SPX is now forming a bullish harami. We've seen how those have played out recently. We're 40 handles of the lows. It's hard on the bears. But each and every musing from the ECB or Fed doesn't last as long as the last one.

ben22 said...

no doubt Ra, no doubt

AmenRa said...

ben22

re: todays close

Below 1204 keeps 1168 in the picture.

AmenRa said...

All this talk about the EURUSD rallying yet it's still below its weekly 3LB mid. Pffttt.

ben22 said...

some Faber:

http://video.cnbc.com/gallery/?video=3000037396

though I have to totally disagree with one thing he says

we do not have an "endless" ability to print money

that's wrong imo

ben22 said...

notice how an asswipe like Steve Liesman will make snide remarks to him to try and make him look crazy for the viewers

"oh look, just another end of the world guy"

of course, Faber has a documented track record

Liesman is just a clown

ben22 said...

oh, btw

Swank and Zandi

I just watched their video reaction, to the jobs number, which revealed once again a near 100% error for both of them

it was so funny, as always

AmenRa said...

ben22

Faber to Liesman (think Chappelle show): "I'm rich b&*#h!!!"

ben22 said...

haha

exactly

of course, I'm betting Liesman makes bank working there, telling Lies, making stupid comments

what a gig

ben22 said...

starting fights with Santelli for the sake of starting fights with Santelli

AmenRa said...

Kernan $500k
Burnett $750k
Bartiromo $1M

You get the picture.

AmenRa said...

Damn round numbers. SPX trying to hold 1200.

AmenRa said...

Yada yada yada. when it's all said and done we'll be trending down on the weekly 3LB at the close.

ben22 said...

Ra,

I think the hammer will draw out now into the close

but we'll have to wait until Monday to see if its real

which sucks, that feels far away at the moment

AmenRa said...

ben22

Looking more like a long legged doji. Since it didn't gap lower at the open its reversal implications are reduced. If it had gapped we would be looking at a morning star.

AmenRa said...

Wasn't it in 2008 when the SPX made a 20 handle move lower in the last five minutes?

ben22 said...

yeah...it didnt' take off there like I thought it was about to

next week should be exciting

plenty for people to think about over the weekend

ben22 said...

well guys, one more meeting for me today and I'm peacing out

everyone have a good weekend

remember

sip the frozen frou frou or risk the icee headache....

AmenRa said...

SPX failed to hold 1200 (the round number indicator). Expect shenanigans from the administration over the weekend. But that may get offset from an EU bank imploding.

ben22 said...

I love the new meme from moronic liberals that they are subscribing to now

"its the tea parties fault"

hilarious

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