AmenRa's Corner (& now Morning Corner 12.19.11)

...can prevent market melt ups based on rumors.

Creditcane™: You can't escape me. Have a nice weekend. Boo!

SPX
Bullish short day. Midpoint below EMA(10). Tested and failed SMA(21) & SMA(55). Failing the 38.2% retrace (1241.13). No daily 3LB changes (reversal is 1258.47). QE2infinity. Still above weekly 3LB mid but below the monthly 3LB mid.



DXY
Spinning top day. Midpoint above EMA(10). Holding above the 100.0% retrace (79.60). Holding above all SMA's. No daily 3LB changes (reversal is 79.14). Confirming the monthly 3LB reversal up.



VIX
Doji day. Midpoint below EMA(10). Failing all SMA's. Failing its 61.8% retrace (26.16). New low on daily 3LB (reversal is 48.00). The grip of the "fear" zone has been eliminated (for now).



GOLD
Bullish long day (completed morning star). Midpoint below EMA(10). Tested and held its 61.8% retrace (1592.30). Tested and held SMA(233). No daily 3LB changes (reversal is 1802.90). Must have the precious.



EURUSD
Spinning top day. Midpoint below EMA(10). Still failing all SMA's. Tested and held its 0.0% retrace (1.3022). No daily 3LB changes (reversal is 1.3252).



JNK
Bullish short day. Midpoint above EMA(10). Holding above SMA(89). Failing its 50.0% retrace (38.24). No daily 3LB changes (reversal is 38.30).



10YR YIELD
Bearish long day. Failing all SMA's. Midpoint below EMA(10). Tested and failed its 0.0% retrace (18.96). New low on daily 3LB (reversal is 21.17).



WTI
Spinning top day. Tested and held SMA(55). Midpoint below EMA(10). Tested and held its 38.2% retrace (93.09). No dally 3LB changes (reversal is 98.54). Not confirming the monthly 3LB reversal down.



SILVER
Bullish short day. Failing all SMA's. Midpoint below EMA(10). Tested and failed its 61.8% minor retrace (29.76). No daily 3LB changes (reversal is 30.17).



BKX
Bullish short day. Midpoint below EMA(10). Tested and held SMA(21). Tested and held its 50.0% minor retrace (37.51). No daily 3LB changes (reversal is 40.05).



HYG/LQD
Spinning top day. Tested and held SMA(21). Midpoint below EMA(10). Failing its 38.2% retrace (0.7808). No daily 3LB changes (reversal is 0.7693).



USDJPY
Bearish short day. Midpoint below EMA(10). Failing SMA(144). Tested and failed its 50.0% minor retrace (77.740). No daily 3LB changes (reversal is 75.52).



TLT
Bullish short day. Midpoint above EMA(10). Holding above all SMA's. Holding above its 38.2% minor retrace (118.79). Daily 3LB reversal up (reversal is 116.71).

IT HAS BEGUN. YOU HAVE BEEN WARNED.

Morning Corner 12.16.11

BAC (weekly info)
-no change (below mid)
trend=no
direction=down (2 bars)
low= 5.17
rev= 7.35; mid= 6.26

BAC broke through the proverbial "5" level a few weeks ago. It's been struggling to stay above it ever since. It's below all SMA's. It's back below the 50.0% minor retrace. It still hasn't closed the gap down from three weeks ago. Plus Fitch just downgraded them again.



JPM (weekly info)
-change (above mid)
trend=no
direction=down (1 bar)
low= 28.48
rev= 36.69; mid= 32.59

JPM is not as bad as BAC. But they still have their own problems. SMA(21) has served as resistance ever since JPM went below in in May 2011. It's below all SMA's. It's holding above the 50.0% retrace (for now). Williams %R is not oversold but MACD has turned lower.



WFC (weekly info)
-change (above mid)
trend=down
low= 23.36
rev= 28.67; mid= 26.02


Unlike JPM & BAC, WFC is trending down on the weekly 3LB. In its favor is the fact that it's above SMA(21). It's back below the weekly 3LB mid after breaking above it last week. It never bested the 61.8% minor retrace in its move higher.

AmenRa's Corner

What round are we in?

Creditcane™: The bulls couldn't get out fast enough as I snuck in during the final hour.

SPX
Bullish harami day. Midpoint below EMA(10). Tested and failed SMA(21) & SMA(55). Failing the 38.2% retrace (1241.13). No daily 3LB changes (reversal is 1258.47). QE2infinity. Still above weekly 3LB mid but below the monthly 3LB mid.



DXY
Bearish harami day. Midpoint above EMA(10). Holding above the 100.0% retrace (79.60). Holding above all SMA's. No daily 3LB changes (reversal is 79.14). Confirming the monthly 3LB reversal up.



VIX
Bullish short day. Midpoint below EMA(10). Failing all SMA's. Failing its 61.8% retrace (26.16). No daily 3LB changes (reversal is 48.00). The grip of the "fear" zone has been eliminated (for now).



GOLD
Spinning top day (possible morning star?). Midpoint below EMA(10). Tested and failed its 61.8% retrace (1592.30). Tested and failed SMA(233). New low on daily 3LB (reversal is 1802.90). Must have the precious.



EURUSD
Bullish harami day. Midpoint below EMA(10). Still failing all SMA's. Tested and barely held its 0.0% retrace (1.3009). No daily 3LB changes (reversal is 1.3239).



JNK
Bearish short day. Midpoint above EMA(10). Holding above SMA(89). Failing its 50.0% retrace (38.24). No daily 3LB changes (reversal is 38.30).



10YR YIELD
Bullish harami day. Failing all SMA's. Midpoint below EMA(10). Tested and held its 0.0% retrace (18.96). No daily 3LB changes (reversal is 21.17).



WTI
Bearish short day. Failing SMA(21,233). Midpoint below EMA(10). Failing its 50.0% retrace (97.35). New low on dally 3LB (reversal is 98.34). Not confirming the monthly 3LB reversal down.



SILVER
Doji day (possible bullish harami). Failing all SMA's. Midpoint below EMA(10). Failing its 61.8% minor retrace (29.76). No daily 3LB changes (reversal is 30.17).



BKX
Bearish short day. Midpoint below EMA(10). Tested and failed SMA(21,89). Tested and failed its 50.0% minor retrace (37.51). No daily 3LB changes (reversal is 40.05).



HYG/LQD
Bearish short day. Holding above SMA(21). Midpoint at EMA(10). Failing its 38.2% retrace (0.7808). No daily 3LB changes (reversal is 0.7693).



USDJPY
Bearish short day. Midpoint above EMA(10). Tested and failed SMA(144). Tested and failed its 38.2% minor retrace (78.019). No daily 3LB changes (reversal is 75.70).



EEM
Bearish short day. Midpoint below EMA(10). Failing all SMA's. Tested and failed its 50.0% minor retrace (37.42). No daily 3LB changes (reversal is 36.10).

IT HAS BEGUN. YOU HAVE BEEN WARNED.

Morning Corner 12.15.11

NFLX (weekly info)
-no change (below mid)
trend=down
low= 63.60
rev= 113.18; mid= 88.39


NFLX is trying to stop its down move but it doesn't appear they're having any success. It's still below all SMA's. It's still below the 61.8% minor retrace. SMA(21) is sloping down. MACD crossed above zero last week and Williams %R is not overbought so there's still a chance to move higher…NOT.



SODA (weekly info)
WEEKLY REVERSAL new high 36.16
trend=no
direction=up (1 bar)
high= 36.16
rev= 30.79; mid= 33.05

The weekly reversal up last week appears to be a head fake as it's not being confirmed this week. It's already back below the weekly 3LB mid. It's back below SMA(13) and nowhere near SMA(21). It's below the 61.8% retrace and has failed to hold the upper trend line.



3 Mth vs Overnite Libor (daily info)
-no change (above mid)
trend=up
high= 0.405
rev= 0.392; mid= 0.399


The spread between 3 month and overnight libor is 151bp above the highs from 2010. Bottom line is that the situation has gone from bad to armageddon.

AmenRa's Corner

"Santa's not coming. His reindeer were too tempting to pass up."

Creditcane™: Rehab really works. I'm quickly learning how to undo rumor based moves.

SPX
Bearish long day. Midpoint below EMA(10). Tested and failed SMA(21) & SMA(55). Failing the 38.2% retrace (1241.13). New low on daily 3LB (reversal is 1258.47). QE2infinity. Still above weekly 3LB mid but below the monthly 3LB mid.



DXY
Bullish short day. Midpoint above EMA(10). Holding above the 100.0% retrace (79.60). Holding above all SMA's. New high on daily 3LB (reversal is 79.14). Confirming the monthly 3LB reversal up.



VIX
Doji day. Midpoint below EMA(10). Failing all SMA's. Tested and held its 61.8% retrace (26.16). No daily 3LB changes (reversal is 48.00). The grip of the "fear" zone has been eliminated (for now).



GOLD
Bearish long day. Midpoint below EMA(10). Tested and failed its 61.8% retrace (1592.30). Tested and failed SMA(233). New low on daily 3LB (reversal is 1802.90). Must have the precious.



EURUSD
Bearish short day. Midpoint below EMA(10). Still failing all SMA's. Failing its 0.0% retrace (1.3009). New low on daily 3LB (reversal is 1.3239).



JNK
Spinning top day. Midpoint below EMA(10). Holding above SMA(89). Failing its 50.0% retrace (38.24). New low on daily 3LB (reversal is 38.30).



10YR YIELD
Bearish long day. Failing all SMA's. Midpoint below EMA(10). Tested and held its 0.0% retrace (18.96). Daily 3LB reversal down (reversal is 21.17).



WTI
Bearish long day. Tested and failed SMA(21,233). Midpoint below EMA(10). Tested and failed its 50.0% retrace (97.35). New low on dally 3LB (reversal is 100.99). Not confirming the monthly 3LB reversal down.



SILVER
Bearish long day. Failing all SMA's. Midpoint below EMA(10). Tested and failed its 61.8% minor retrace (29.76). New low on daily 3LB (reversal is 30.17).



BKX
Spinning top day. Midpoint below EMA(10). Tested and failed SMA(21,89). Tested and failed its 50.0% minor retrace (37.51). No daily 3LB changes (reversal is 40.05).



HYG/LQD
Bearish short day. Tested and held SMA(21). Midpoint above EMA(10). Failing its 38.2% retrace (0.7808). No daily 3LB changes (reversal is 0.7693).



USDJPY
Spinning top day. Midpoint above EMA(10). Tested and held SMA(144). Tested and failed its 38.2% minor retrace (78.019). No daily 3LB changes (reversal is 75.70).



COPPER
Bearish long day. Midpoint below EMA(10). Now failing all SMA's. Tested and failed its 38.2% minor retrace (3.316). Daily 3LB reversal down (reversal is 3.615).

IT HAS BEGUN. YOU HAVE BEEN WARNED.