DAX (weekly info)-no change (below mid)
trend=down
low= 5480.00
rev= 6981.49; mid= 6230.75
You don't get many gap downs on the weekly chart. Unfortunately the DAX had one. It also closed below its 50.0% retrace. It's below all SMA's.The current weekly candle is bullish but it's not a reversal candle.
GOLD (weekly info)new high 1876.90
trend=up
high= 1876.90
rev= 1651.80; mid= 1764.35
Even though the was a pretty wicked sell off in gold it hasn't broken any support levels. The uptrend is still intact for now. It's above all SMA's. It's trying to form a bearish engulfing on the weekly candle. Now that the SNB is losing its "safe haven" status where else can traders go?
3 Mth vs Overnight Libor (daily info)new high 0.194
trend=up
high= 0.194
rev= 0.187; mid= 0.191
The spread is back to early August 2010 levels aka back to pre QE2 levels. Perfect timing for the FOMC meeting. Most of the EU banks are getting their funding from the ECB and not each other. The rate at which the spread is increasing is bordering on exponential. The EU can't talk their way out this time.
12 comments:
http://www.reuters.com/article/2011/09/08/us-fitch-idUSTRE7870WI20110908
"Andrew Colquhoun, head of Asia-Pacific sovereign ratings at Fitch, told Reuters in an interview that China's local currency debt rating could be downgraded over the next 12 to 24 months.
"We expect a material deterioration in bank asset quality," he said. "If the problems in the banking system pan out as we expect or are even worse over the next 12 to 24 months, then that would incline us to take the rating downwards."
Fitch downgraded the outlook on China's long-term local currency debt to negative from stable in April because of concerns about the country's financial stability following a lending surge encouraged by Beijing to help maintain economic growth during the global downturn."
...Ah, so much for the world's largest communist country gonna pull us all back into paradise......
From last night thread...
Why I'm still sort of bullish the human race...
Using power, this guy creates a contraption that sucks the humidity out of the air and turns into drinking water...55 gallons every two days.
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For fun... I like to put a humidifier & de-humidifier in a room together & let them battle it out...
But, um... the PLANTS don't like it very much...
JK- on that first part... But NOT really kidding on the 2ndf part...
Plants, trees, & most vegetation have adapted pretty well to being able to pull humidity out of the atmosphere to survive (witness that you don't go around nature and see a lot of trees & plants with 'cupholders' & 'sippy cups' handy on their hoverrounds)...
So basically, MY VERSION of getting 'bullish' on the human race will come when man STOPS trying to invent devices that alter the delicate balance of nature (which the race always does in harmful & wasteful ways that lead to destruction), & instead learns to NOT overconsume, and to live in balance...
But that's just me...
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Or more importantly... Do you suppose if I bought one of those machines and then moved close to a BREWERY, it could suck 55 gallons of beer through a straw & straight to a refrigerated holding tank at the side of my couch???
I once had a girlfriend who... (well - that's another story)...
ARE YOU READY FOR SOME FOOTBALL?
updated comments on tonights game at:
http://fantasy-sports-nation.blogspot.com/
CV is changing the number of 'unit picks' for tonight's game...
GENEVA — The U.S. has tumbled further down a global ranking of the world's most competitive economies, landing at the twenty fifth place because of its huge deficits and declining public faith in government, a global economic group said Wednesday.
The announcement by the World Economic Forum was the latest bad news for the Obama administration, which has been struggling to boost the sinking U.S. economy and lower an unemployment rate of more than 9 percent.
Switzerland held onto the top spot for the third consecutive year in the annual ranking by the Geneva-based forum, which is best known for its exclusive meeting of luminaries in Davos, Switzerland, each January.
Singapore moved up to second place, bumping Sweden down to third. Finland moved up to fourth place, from seventh last year. Other countries that placed ahead of the United States include a resurgent Poland at #23 and Mexico at #24. Should this trend continue the United States is expected to tie Italy for 40th place in five years but fall behind in crucial technology advances in every field but music videos.
The rankings, which the forum has issued for more than three decades, are based on economic data and a survey of 15,000 business executives.
The U.S. has tumbled further down a global ranking of the world's most competitive economies, landing at the twenty fifth place because of its huge deficits and declining public faith in government
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But I thought when Obama was elected in '08 it was going to usher in an era of "Hope & Change", trumpeted in by
- closing Gitmo
- Putting a stop to all wars
- "creating/saving" 4 million jobs
& a new era of 'transparency' & 'reaching across the aisle' by the Executive Branch as was illustrated by...
- Obamacare getting ramrodded through
- Dodd/Frank
- All those 'televised live debates' on CSPAN to reflect the new spirit of 'openness'
- All those publications on "White House.gov" where the American public could look at any new bills before they were decided upon...
---
So I can't for the life of me figure out why there's DECLINING faith in government...
Remember - it's the GOVERNMENT who sends you your FOOD STAMP 're-up' & extended unemployment benefits (which Obama wants now to spend another $300 billion of your grandkids money to extend)...
The GOVERNMENT is always here to help... Long live the GOVERNMENT!
The "Community Organizer in Chief" will be there every step of the way to guide you in your efforts...
Jobless up to 414k..above expectations...
I think it is pretty obvious that we will have to take Iceland's trip...government will have to accept that pain is inevitable...and I think if we'd done that in 2008 we'd be much better off by now.
You can't trust anything in the news today. Cut and paste from the report at http://www3.weforum.org/docs/WEF_GCR_CountryProfilHighlights_2011-12.pdf:
The United States continues the decline that began three years ago, falling one more position to 5th place. While many structural features continue to make its economy extremely productive, a number of escalating weaknesses have lowered the US ranking in recent years. US companies are highly sophisticated and innovative, supported by an excellent university system that collaborates admirably with the business sector in R&D. Combined with flexible labor markets and the scale opportunities afforded by the sheer size of its domestic economy—the largest in the world by far—these qualities continue to make the United States very competitive. On the other hand, there are some weaknesses in particular areas that have deepened since past assessments. The business community continues to be critical toward public and private institutions (39th). In particular, its trust in politicians is not strong (50th), it remains concerned about the government’s ability to maintain arms-length relationships with the private sector (50th), and it considers that the government spends its resources relatively wastefully (66th). In comparison with last year, policymaking is assessed as less transparent (50th) and regulation as more burdensome (58th).
A lack of macroeconomic stability continues to be the United States’ greatest area of weakness (90th). Over the past decade, the country has been running repeated fiscal deficits, leading to burgeoning levels of public indebtedness that are likely to weigh heavily on the country’s future growth. On a more positive note, after having declined for two years in a row, measures of financial market development are showing a hesitant recovery, improving from 31st last year to 22nd overall this year in that pillar.
“Anybody that’s for the status quo with Social Security today is involved with a monstrous lie to our kids.”
- Rick Perry
couple thoughts:
1. Ron Paul has said this forever but it is Perry gets a ton of buzz for it. Republicans truly hate Ron Paul, probably even more than Democrats do.
2. Not to waste time on silly matters such as social security the real important thing to do is to fact check whatever percentages Perry gave regarding jobs in Texas.
3. Rick Perry is making a lot of waves....I yawn.
Been raining for 4 days here...still going hiking today..
No action on tonights NCAA matchup (because, of course, I'll be too 'riveted' by the President's economic speech)...
But CV's WEEK 2 - NCAA PICKS are now posted at:
http://fantasy-sports-nation.blogspot.com/2011/09/fantasy-sports-nation-week-2-ncaa-picks.html
New Orleans vs. Green Bay (updates)
http://fantasy-sports-nation.blogspot.com/
from Bernanke's speech:
In addition to refining our forward guidance, the Federal Reserve has a range of tools that could be used to provide additional monetary stimulus. We discussed the relative merits and costs of such tools at our August meeting. My FOMC colleagues and I will continue to consider those and other pertinent issues, including, of course, economic and financial developments, at our meeting in September and are prepared to employ these tools as appropriate to promote a stronger economic recovery in a context of price stability.
Talking loud and saying nothin'."
Andy -
just caught your comment on previous thread re hunger games:
"It really is a pretty dark set of books for teenage kids to be reading today....but I'm glad my daughter read them."
quite a change from your expressed concern earlier as to what your spouse was allowing your daughter to read...
kids are ready, and should be allowed to, encounter such stuff far earlier than most parents are ready to allow them (prolonged childhoods). more power to your kiddoh, and to you.
you didn't say though what her take on the trilogy was. have you taken advantage of this story as a teachable moment?
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