AmenRa's Corner

A little music to add to the weekend (where it's going to be very rainy on the East Coast Saturday)... CV

Main Ingredient - Everybody Plays the Fool


George Thorogood - I Drink Alone
http://www.youtube.com/watch?v=H8VlcbndXdM

Aerosmith - Mama Kin
http://www.youtube.com/watch?v=H-xLK8eqr8k

Creditcane™: I had an early lunch and never made it back to the office.

SPX
Bullish short day again. Midpoint below EMA(10). Still above all SMA's. Tested and held the 14.6% retrace (1319.09). No daily 3LB changes (reversal is 1332.87). QE2infinity. "JBTFD. Don't question it. Just do it. Trust me."



DXY
Spinning top day. Midpoint below EMA(10). Tested and held 0.0% retrace (74.62). Below all SMA's. No daily 3LB changes (reversal is 75.07).



VIX
Hammer day (nasty one at that). Midpoint below EMA(10). Still below all SMA's. New low on daily 3LB (reversal is 17.25). Still in the "no fear" zone.



GOLD
Bullish long day. Midpoint above EMA(10). Made a new 0.0% retrace. Still above all SMA's. New high on daily 3LB (reversal is 1458.50). Holding above upper trend line. Must have the precious.



EURUSD
Bearish short day. Midpoint above EMA(10). Still above 1.4346 (the 76.4% retrace). Above all SMA's. No daily 3LB changes (reversal is 1.4314).



JNK
Bullish short day. Midpoint above EMA(10). Back above all SMA's. Back above its 76.4% retrace (40.50). Still below lower trend line. No daily 3LB changes (reversal is 40.21).



10YR YIELD
Bearish long day (confirmed bullish thrusting). No test of 0.0% retrace at 37.44. Back below SMA(55). Midpoint below EMA(10). Tested and failed 50.0% retrace (34.42). Held the upper trend line. New low on daily 3LB (reversal is 35.70).



CRB
Bullish short day. Midpoint above EMA(10). Still above all SMA's. Still above the 14.6% retrace (357.80). No daily 3LB changes (reversal is 368.70).



WTI
Spinning top day. Still above all SMA's. Midpoint above EMA(10). No test of 0.0% retrace. No dally 3LB changes (reversal is 113.38). Back above weekly 3LB mid (109.09).



SILVER
Bullish short day. Still above all SMA's. Midpoint above EMA(10). Made a new 0.0% retrace. Holding upper trend line. New high on daily 3LB (reversal is 39.55).

Morning Corner 4.15.11

Silver (weekly info)
new high 40.61
trend=up
high= 40.61
rev= 35.94; mid= 38.28



The earlier sell off this week in silver is about over. This week was forming a hanging man but the tail is becoming too short which eliminates the reversal signal. No idea of when a top will appear but as long as the US is fighting over debt ceiling and deficits the top is a long way off.



Rough Rice (weekly info)
-no change (below mid)
trend=no
direction=down (1 bar)
low= 12.90
rev= 15.89; mid= 14.40


Not all commodities are going parabolic. Rough rice turned down in February and after a slight reprieve is about to continue its move lower.

AmenRa's Corner

A place where a skillful caddy always offers cool contemplation when it comes to your "stick" selection.

Creditcane™: I am the abyss. Why don't you come and have a look?

SPX
Bullish short day (confirmed morning star by .05 - not good). Midpoint below EMA(10). Still above all SMA's. Tested and held the 23.6% retrace (1303.70). Held SMA(55). No daily 3LB changes (reversal is 1332.87). QE2infinity. "JBTFD. Don't question it. Just do it. Trust me."



DXY
Bearish short day. Midpoint below EMA(10). Made a new 0.0% retrace (74.62). Below all SMA's. New low on daily 3LB (reversal is 75.07).



VIX
Bearish long day. Midpoint below EMA(10). Still below all SMA's. New low on daily 3LB (reversal is 17.87). Still in the "no fear" zone.




GOLD
Bullish long day (confirmed bullish harami - finally). Midpoint above EMA(10). No test of 0.0% retrace. Still above all SMA's. New high on daily 3LB (reversal is 1458.50). Holding above upper trend line. Must have the precious.



EURUSD
Bullish short day. Midpoint above EMA(10). Still above 1.4346 (the 76.4% retrace). Above all SMA's. New high on daily 3LB (reversal is 1.4314).



JNK
Bearish long day. Midpoint above EMA(10). Now below SMA(55). Back below its 76.4% retrace (40.50). Still below lower trend line. No daily 3LB changes (reversal is 40.21).



10YR YIELD
Bullish thrusting day. No test of 0.0% retrace at 37.44. Back above SMA(55). Midpoint below EMA(10). Tested and held 50.0% retrace (34.42). Held the upper trend line. No daily 3LB changes (reversal is 35.70).



WTI
Bullish short day (c/b hanging man but we're not in an uptrend). Still above all SMA's. Midpoint below EMA(10). No test of 0.0% retrace. No dally 3LB changes (reversal is 112.79).



SILVER
Bullish long day. Still above all SMA's. Midpoint above EMA(10). Made a new 0.0% retrace. Holding upper trend line. New high on daily 3LB (reversal is 39.39).



TLT
Spinning top day. Midpoint above EMA(10). Still above SMA(55). Tested and held the 14.6% retrace (91.24). No daily 3LB changes (reversal is 89.68).



XRT
Spinning top day. Midpoint above EMA(10). Above all SMA's. Failed its 23.6% retrace (51.77). No daily 3LB changes (reversal is 51.13).

Morning Corner 4.14.11

DXY (weekly info)
new low 75.07
trend=down
low= 75.07
rev= 77.28; mid= 76.18



I thought the dollar had found a bottom. since the weekly chart is forming a morning star pattern that may be right. Considering QE2 is nearing its shelf life and Congress has problems with deficit reduction the dollar finding a bottom may be a mirage.

I'd do another chart but my medication has me knocked out.

Details of the Obama Plan to reduce the deficit...

AmenRa's Corner

A place where a skillful caddy always offers cool contemplation when it comes to your "stick" selection.

Creditcane™: I'm trying to work here but the market isn't making this easy.

SPX
Doji day (morning star?). Midpoint below EMA(10). Still above all SMA's (go figure). Tested and failed the 14.6% retrace (1319.09). Held SMA(55). No daily 3LB changes (reversal is 1332.87). QE2infinity. "JBTFD. Don't question it. Just do it. Trust me."



DXY
Spinning top day. Midpoint below EMA(10). Tested and held 0.0% retrace (74.70). Below all SMA's. No daily 3LB changes (reversal is 75.40).



VIX
Bullish short day. Midpoint below EMA(10). Still below all SMA's. No daily 3LB changes (reversal is 17.87). Still in the "no fear" zone.




GOLD
Bullish harami day. Midpoint above EMA(10). No test of 0.0% retrace. Still above all SMA's. No daily 3LB changes (reversal is 1452.50). Holding above upper trend line. Must have the precious.



AUDJPY
Bullish thrusting day. Midpoint above EMA(10). Currently above all SMA's. Held parallel trend line. No daily 3LB changes (reversal is 0.8650).



JNK
Bullish long day. Midpoint above EMA(10). Still above all SMA's. Still above its 50.0% retrace (40.42). Still below lower trend line. No daily 3LB changes (reversal is 40.21).



10YR YIELD
Bearish long day. No test of 0.0% retrace at 37.44. Now below SMA(55). Midpoint below EMA(10). Tested and failed 61.8% retrace (35.14). Held the upper trend line. Daily 3LB reversal down (reversal is 35.70).



WTI
Bullish thrusting day. Still above all SMA's. Midpoint below EMA(10). No test of 0.0% retrace. No dally 3LB changes (reversal is 112.79). Tested and held weekly 3LB reversal price (105.39).



SILVER
Bullish short day. Still above all SMA's. Midpoint above EMA(10). No test of 0.0% retrace. Holding upper trend line. No daily 3LB changes (reversal is 39.19).



BKX
Bearish long day. Midpoint below EMA(10). Tested and failed SMA(21). Still above its 38.2% retrace (51.48). No daily 3LB changes (reversal is 53.31).



AT's Silver "Glimpse"

LEFTBACK'S BOND REPORT

The Bond Report 4.13.11

Another odd day in the bond market. Fairly quiet except that 10y and 30y went bid on the back of an indifferent 10y auction before tomorrow's POMO of... the very same 10y. In corporates, HY was off the hook for some reason. In muniland the action in IQI continues to be horrendous on a day when everything else was performing decently.

Corpies: LQD 0.18%; AGG 0.11%; JNK 0.55%; HYG 0.48%
Govies: TLT 0.63%; IEI 0.11%; TIP 0.22%
Munis: IQI -1.01%; MUB 0.00%
Mortgages: MBB 0.11%
Specialty: ZROZ 0.73%; TBT -1.13%; EMB 0.10%

We are not terribly excited about US credit just now. We are 19% long. The breakdown is 7% JNK, 3% AGG, 6% TLT, 3% IEI. We are hedged to 15%, so net exposure is 4%.

In equities we are 26% long (all dividends) US, plus 5% long EWJ. Cash is king.

Morning Corner 4.13.11

Copper (weekly info)
-no change (above mid)
trend=up
high= 4.596
rev= 4.176; mid= 4.386



Rumor is that copper is weak. It just started trading below its weekly 3LB mid. I'd wait until there is a weekly 3LB reversal before worrying. China may have enough warehoused but that might not be a reason for a sell off.



BBY (weekly info)
-no change (below mid)
trend=down
low= 28.66
rev= 31.56; mid= 30.11



For BBY to be the dominate consumer electronics supplier its stock doesn't show it. Is this more proof that the US public have been cutting back? It's back above its weekly 3LB mid this week but that may be because its earnings season. That long bearish candle for the week of 12/17/10 broke through the neckline of the head & shoulders. It has yet to recover.

AmenRa's Corner

A place where a skillful caddy always offers cool contemplation when it comes to your "stick" selection.

Creditcane™: Domino number one was Alcoa. Did you heed the warning?

SPX
Bearish long day. Midpoint below EMA(10). Still above all SMA's (go figure). Now below the 14.6% retrace (1319.09). New low on daily 3LB (reversal is 1332.87). QE2infinity. "JBTFD. Don't question it. Just do it. Trust me."



DXY
Spinning top day (confirmed bullish thrusting). Midpoint below EMA(10). Made a new 0.0% retrace (74.70). Below all SMA's. New low on daily 3LB (reversal is 75.40).



VIX
Spinning top day. Midpoint below EMA(10). Still below all SMA's. No daily 3LB changes (reversal is 17.87). Still in the "no fear" zone.




GOLD
Bearish long day (confirmed dark cloud cover). Midpoint above EMA(10). No test of 0.0% retrace. Still above all SMA's. No daily 3LB changes (reversal is 1452.50). Holding above upper trend line. Must have the precious.



EURUSD
Spinning top day. Midpoint above EMA(10). Still above 1.4346 (the 76.4% retrace). Above all SMA's. New high on daily 3LB (reversal is 1.4216).



10YR YIELD
Bearish short day (after gap lower). No test of 0.0% retrace at 37.44. Still above all SMA's. Midpoint above EMA(10). Tested and failed 61.8% retrace (35.14). Held the upper trend line. No daily 3LB changes (reversal is 34.91).



DJ TRANS AVG
Spinning top day. Still above all SMA's. Midpoint below EMA(10). No daily 3LB changes (reversal is 5378.96).




CRB
Bearish long day. Midpoint at EMA(10). Still above all SMA's. Still above the 14.6% retrace (357.80). Daily 3LB reversal down (reversal is 368.70).



WTI
Bearish long day (confirmed bearish engulfing). Still above all SMA's. Midpoint below EMA(10). No test of 0.0% retrace. Dally 3LB reversal down (reversal is 112.79).



SILVER
Spinning top day. Still above all SMA's. Midpoint above EMA(10). No test of 0.0% retrace. Holding upper trend line. No daily 3LB changes (reversal is 39.19).



EEM
Bearish long day. Midpoint below EMA(10). Above all SMA's. Daily 3LB reversal down (reversal is 50.04).