Hope Everyone is having a great Labor Day weekend.
It's the official end of summer. Now, back to work!
Here's some S&P 500 thoughts. Will have more commentary later this evening....
Sp500 Update 5sep11
Disclosure/Warning
This blog should not be interpreted as investment advice of any kind. The authors are NOT representing themselves CTAs or CFAs or Investment/Trading Advisor of any kind. The authors may or may not trade in the markets discussed. The authors may hold positions opposite of what may by inferred by this blog.The information contained in this blog is taken from sources the authors believes to be reliable, but it is not guaranteed by the authors as to the accuracy or completeness thereof and is presented here for information purposes only. Commodity trading involves risk and is not for everyone.
40 comments:
cv--
what was that you were saying about ~'Changes'--occuring over the 'Labor Day' Weekend?
AT,
nice Chartage..to me, there's little Doubt that the SPX/'Stock Market' is going to be facing, additional, considerable, Headwinds, going forward..
AAIP
ES 1145.75 -23.50 (-2.01%)
YM 11208.00 -257.00 (-2.24%)
NQ 2129.00 -36.00 (-1.66%)
GOLD 1902.50 +25.60 (+1.36%)
SILVER 43.30 +1.77 (+4.26%)
WTI 86.57 -2.36 (-2.65%)
30 YR BOND 140.38 +2.97 (+2.16%)
DEUTSCHE BANK AG 23.72 -2.31 (-8.86%)
UNICREDIT 0.8320 -0.0655 (-7.30%)
INTESA SANPAOLO 1.0290 -0.0770 (-6.96%)
BNP PARIBAS 31.10 -2.12 (-5.23%)
SOCIETE GENERALE 20.25 -1.92 (-8.64%)
Tuesday is going to be very interesting.
Here we go again: http://www.ft.com/intl/cms/s/0/3602091a-d7e0-11e0-a5d9-00144feabdc0.html#axzz1X7MuCNCS
US banks offered deal over lawsuits
Put down the BBQ. Futures continue lower after reopening.
U-G-L-Y ...
you don't have no alibi....
You're Ugly.
Hey, hey you're Ugly.
in re: S&P futures.
It seems like every one of these extreme overnight moves, whether higher or lower, gets reversed in the first ours of the U.S. open ....
For several weeks now this has been the case.
wonder if this one will be any different
Andy T
Since banks will be CYA mode a reversal might not be in the works. Gold hitting new highs, Italian, Germany and France banks getting pummeled. Greece failing to meet its goal for the next tranche. Not a pretty picture.
There is definitely a struggle to get the futures off the lows. I see futures inching higher just to get knocked back down.
Gold getting frisky again as it has an overnight high of 1913 (so far).
what was that you were saying about ~'Changes'--occuring over the 'Labor Day' Weekend?
Yeah but at the same time... I was only 4-6 in my college 'picks' over the weekend...
Disclaimer: I suck at college picks... Oh, I'll get you to 50-50 over time (but that's nothing more than glorified coin flipping - & doesn't make you any money)...
I put up the picks ANYWAY to add commentary & analysis...
NFL is where I'll make you $$ over time...
---
I like tyhose charts Andy... I see your latest wave points straights down to about 840 (which was the number that CV used as the "low" in those old 2010 'predictions' that we all did about 2 blogs ago)...
I nailed the top for that within only about 10 S&P points...
As for the "Low"... Well, we were well on our way (& ready to break 1,000, over, '4th of July' weekend, but then it seems some backdoor meetings were held, which culminated in Jackson Hole a month later [after all the prerequisite frontrunning]... And 'lo & behold' here we are ONE YEAR LATER teetering on that same breakable glass floor (a little higher up - but the SAME floor none the less)...
The 'name' of that floor is...
"FED - print us some more money to gamble with & pay our bonuses & in return you'll get another year of people believing in this mirage economy"
...that was 1,000 '4th of July 2010' (the reference there)...
Andy, thanks for the charts. Interesting to see if we open right at or below that line you point out this morning.
http://www.bloomberg.com/news/2011-09-06/snb-s-franc-action-begins-endurance-race-with-traders-analyst-comments.html
SNB’s Franc Action Begins ‘Endurance Race’ With Traders: Analyst Comments
SNB pegs the CHF to 1.20 Euros. All other interventions have failed. It's do or die now.
http://www.hussman.net/wmc/wmc110905.htm
Worth a read this morning...
At this rate 10yr yields will be in the 1.8% zone.
I'm surprised there wasn't a gap lower at the open.
gold getting rejected into those previous highs...
Andy T
Maybe that was the SNB selling gold to buy euros. j/k
But the consistent push above $1900 has to be irking the CBs.
I also don't think anyone believes that the move off the lows is sincere. The dark side of the force is winning. :-)
regarding gold, I put up the ling of pawn stars over the weekend, he gets gold at night and it's all gone by noon the next day
I haven't had generally had a meeting in months where gold wasn't brought up.
I went to the mall yesterday, I counted 4 cash 4 gold kiosks.
CNBC ran this recently:
http://www.ritholtz.com/blog/2011/09/gold-standard-comeback-enjoys-support/
does this mean a top in gold? I have no idea, I doubt it.
but what it does mean is that gold has gone mainstream at this point and anybody saying otherwise is simply in denial, sticking to that story that mom and pop don't know about it doesn't really hold water anymore, it's not as if big players are buying up gold from the Pawn Stars in Vegas, or trading at the kiosk at the mall.
by the time CNBC reports on a trend it is of course quite mature.
perhaps then this is the dawn before the final blow-off in gold, the public is the main ingrediant of the final blow-off stage historically
perhaps within another year it will be unfashionable NOT to own gold amongst the general public. Surely tons of gold scams will be outed in the next 5-6 years.
This always gets a chuckle out of me: http://thehumblerumble.files.wordpress.com/2011/05/darth-vader.jpg
http://www.commodityonline.com/news/Chinas-SGE-to-raise-gold-silver-margin-requirements-from-Sep-9-42120-3-1.html
China’s SGE to raise gold, silver margin requirements from Sep 9
Shanghai Gold Exchange raises margins on gold and silver. This was done before the Chinese festival and the SGE would be closed during that time.
BTW BAC has a daily low of 6.80. Buffett must be turning over in his tub.
Can someone please explain to me how...
"You mad bro?"... is racist?
http://news.yahoo.com/blogs/trending-now/football-game-sign-ignites-racial-tension-police-hunt-154908308.html
In similar news...
CV wishes you all a nice day! (That isn't 'racist' is it?)...
sorry of this has been covered already...
but, C'mon Man!
http://www.mercurynews.com/breaking-news/ci_18834925
oh yes, solyndra, they are going to create 1,000's upon 1,000's of "green jobs"
and they only needed half a billion or so from the government to fail
what do we get from alternatives?, about 2% of our energy?
sure, any day now they should be hiring in nearly uncountable droves
while we're at it we really need to improve our roads, nobody can get to work the roads are so bad
and lest we forget
"there are a lot of potholes"
P. Krugman
Nobel....that's all you need to know, anything that comes after is trivial.
lol AR, don't think uncle warren has much to worry about, the bigger than normal divy he gets from the extra charges BAC charges its common folk will more than make up the difference. Now if the stock goes sub $3 like it did a couple years back, he'll just buy a few billllion more.
re:gold, I'd really love to see it sell off a couple hundred bucks from here, not sure that'll happen tho. Think many are looking at the dow/gold getting low, but still has room to go lower IMO.
SPX looking a little bullish here, 1250+ into next week... possible?
fixed part of the Solyndra article
When the last-minute gambits [suck the last few bucks left out of the company] to rescue Solyndra fell through on Aug. 30, [even though they knew this company was going to fail before the loans were granted] company executives [still collecting bigger paycheck and bonuses] determined they had little choice but to pull [even though they have already aquired new board of director positions with other companys] the plug on the once-sparkling [everything looks good on paper] business.
screw the potholes!,,, nobody can get to work if the bridges collapse! Many were built in the 50's and 60's with a lifespan of around 60-100 years. With all the budget cuts last decade, I doubt the proper maintenance has been done to many of them.
Gold is making a bearish thrusting pattern aka a continuation of the current direction.
AR what timeframe?
hourly?
QQQQ
Daily.
but, C'mon Man!
...can be construed as intolerant of WO-men...you red-necked son of a bastard.
Gold has now morphed into a evening star (which is a reversal pattern). Damn algos. Must've realized that gold longs weren't showing fear.
This will keep you in the house: http://news.yahoo.com/giant-crocodile-captured-alive-philippines-134625838.html
That'll make a few pair of boots & handbags...
CV
IF you see him first...
DXY up big, TNX hitting all time lows and the market pulls out all stops to close well off the lows. Figures.
Long term view of TNX: TNX Long View
Post a Comment