Creditcane™: Split a piece of wood, I am there. Lift up the stone, and you will find me there. I am Creditcane.
SPXBullish short day. Midpoint above EMA(10). Still above all SMA's. Holding above the 38.2% retrace (1241.13). No daily 3LB changes (reversal is 1265.43). QE2infinity. Still above weekly 3LB mid and the monthly 3LB mid.
DXYDark cloud cover day. Midpoint above EMA(10). Tested and failed the 0.0% retrace (81.02). Still above all SMA's. No daily 3LB changes (reversal is 80.24).
VIXBearish short day. Midpoint below EMA(10). Failing all SMA's. Tested and failed its 38.2% minor retrace (21.62). No daily 3LB changes (reversal is 23.52). The grip of the "fear" zone has been eliminated (for now).
GOLDSpinning top day. Midpoint above EMA(10). Holding above its 61.8% retrace (1592.30). Tested and failed SMA(21). No daily 3LB changes (reversal is 1564.10). Must have the precious.
EURUSDBullish piercing day. Midpoint below EMA(10). Still failing all SMA's. Tested and failed its 0.0% retrace (1.2777). No daily 3LB changes (reversal is 1.2953).
JNKBearish short day. Midpoint above EMA(10). Holding above SMA(144). Holding above its 50.0% retrace (38.24). No daily 3LB changes (reversal is 38.94).
10YR YIELDBearish short day. Tested and held SMA(21). Midpoint above EMA(10). Holding above its 0.0% retrace (18.96). No daily 3LB changes (reversal is 20.68).
WTIBearish short day. Still above all SMA's. Midpoint above EMA(10). Tested and failed its 61.8% retrace (101.94). No dally 3LB changes (reversal is 99.68). Not confirming the monthly 3LB reversal down.
SILVERSpinning top day. Failing all SMA's. Midpoint below EMA(10). Failing its 61.8% minor retrace (29.76). No daily 3LB changes (reversal is 27.24).
BKXBullish short day (another hanging man freed). Midpoint above EMA(10). Still above al SMA's. Holding above its 38.2% retrace (41.37). New high on daily 3LB (reversal is 40.67).
HYG/LQDBullish short day. Tested and held SMA(21). Midpoint below EMA(10). Tested and held its 38.2% retrace (0.7808). No daily 3LB changes (reversal is 0.7818).
COPPERBearish short day. Midpoint below EMA(10). Tested and failed SMA(21). Tested and held its 50.0% minor retrace (3.395). No daily 3LB changes (reversal is 3.615).
AUDJPYSpinning top day. Midpoint below EMA(10). Tested and held SMA(21). Tested and failed the 38.2% retrace (0.7841). No daily 3LB changes (reversal is 0.8231).
IT HAS BEGUN. YOU HAVE BEEN WARNED.
21 comments:
@Mutt (from other thread)...
Of course the banks have the credit card data in front of them, so obviously they would know what percentage of people are delinquent on their CC Bills, but with unemployement being as high as it is for as long as it has been that the banks are liking what they are seeing from the consumer, so it would be hightly unlikely that they would be increasing the avaible balance.
And with the massive amount of debt that most people owe, it would not make too much sense that after spending years paying down their CC Debt and finally getting a taste of the freedom of not owing so much money consumers would willing get back into debt.
I am curious as to where and why that number is as high as it is?
Mutt
---
Pardon me... but Are you FKme?
Please don't tell me that you think that US consumer debt has, anymore, any potent relevance with regards to ANY consumer debt issues...
Banks effin WRITE OFF consumer debt faster than the blink of an eye... CC debt is basically unsecured... They SELL it in a nanosecond to some COLLECTION AGENCY cum LAW FIRM for 5 cents on the dollar... A person could default on their unsecured credit cards & within six months, the same fucking issuing bank will be spamming their letter box with a new credit card offer...
Thanks to the US taxpayer... ALL BANK LOSSES are forever (socialized), who collects (or doesn't) in a secondary market is largely irrelevant (relevant, in fact, only to dweebs on Wall St. who track consumer spending and need those numbers to justify their bloated valuations & forecasts so they can make it seem like the S&P itself is relevant, which it ISN'T, because it's based on bogus numbers valued in a collapsing fiat regime)... Get with the program...
Even IF any of the above was relevant... It's a MOLECULE in the SEA of DEBT (& debt derivatives) out there...
You might as well be worried about if your kid shits in the ocean, then it will lead to global pollution...
Cvienne - I am not worried about my kids' poo leading to global pollution as he only leaves clean turds :)
I was coming at it from a logical view point and had not taken into concideration the fact that banks act in very illogical ways, your arguement of write offs makes sense, so in affect they are issuing higher limits (Although through the form of write offs)
And I well realize 40 odd Billion is small patatoes (Yes patatoe with an "e") compared to the 600 or so Trillion sitting out there....Somewhere.
Mutt
@Andy T
FWIW... Here's Louise Yamada's take On Au/Ag (in reference to your weekend thread)...
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2012/1/9_Louise_Yamada_-_Gold_%26_Silver_Bulls_to_Continue_Stampede.html
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I'll continue to stick by my MACRO view that Euro:Gold are joined at the hip as we speak...
What that means (in terms of $ price) is unclear... But as it applies to your charts, let me explain it this way...
IF gold struggles to "break out" this year, it'll likely be because it is ball & chained to the Euro... ACTUALLY - I liked your charts because they left room for a possible new high to happen in Au within the next few months (I think - I confess I only studied your charts by quick glance)...
So my paper napkin would say that IF the Euro finds itself OVERSOLD here (by way of an unwinding of Euro shorts)... Gold ought to get a bounce (assuming my Euro:Gold thesis is accurate)... Naturally - Gold bugs would point to a new high (& potentially a rally in Ag, as the next chapter of central bank failure ~ but I don't see it that way)...
If you don't know WTF I'm talking about, I'm basically saying that the 'setup' (based on my personal macro)... Is that your WAVE COUNTS are very correct... Gold hitting new highs (kind of 'soonish')... Silver NOT hitting new highs (yet)... Then a big pullback (in both)...
I'd still want to own BOTH though (phyzz)...
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Euro:Gold are joined at the hip because the NWO can't let the Euro die... It's as simple as that... It has to stay together at least until the 2012 elections are in the books...
What happens beyond 2013 is out of my crystal ball...
TPTB need to have their puppet (his name is 'Obama', if you didn't know) in place, to be able to start doing currency re-sets & bank holidays & such...
So all in all, I guess it'll be a decent year to trade Pokemon cards...
@Mutt
And I well realize 40 odd Billion is small patatoes (Yes patatoe with an "e") compared to the 600 or so Trillion sitting out there....Somewhere.
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Might as well just round it up to a QUADRILLION & call it a day...
& as for A QUADRILLION... Have you ever heard of exponential functions (which I refer to as the "going forward" theory... which is, otherwise, to say... "Do you think it's going to STOP at a quadrillion)...
Either way... It doesn't really matter... YOU WILL hear about it... Because all those NOTES will be dropped on your front yard eventually...
That's... of course... so you can have A QUADRILLION "matching twins" of the $10,000 of the same notes stuffed into your home vault, 401k, bank account, or whatever...
Me?... I'd rather have a rototiller & a gallon of gas...
@ahab & ironworker: from previous thread -- Toby Connor is another name for Gary Savage, who runs the Smart Money Tracker blog. I've been a subscriber to his premium service for years (remember my little problem w/ subscription services?) Anyway, he's good. He has an interesting approach, some TA, lots of cycle stuff, NO EW at all. He got a little carried away back in May last year and some of his mindless followers got burned bad in a leveraged silver trade, so he plays it super cautious now. He's all PMs all the time so if that's what you're interested in, he's a good source.
CV -- haven't clicked on the Louise link yet, but thanks for posting it. Always interested in what she has to say. Curiously, the spam from EWI today was all about the Au/Ag ratio, but since I haven't gotten the EWFF in almost 2 years I'll have to hope someone else sumarizes it for me (or just guess -- P3 is starting VERY SOON.)
AT -- thanks for the charts.
Happy New Year to all!
@Jennifer
Happy New Year to you... Louise Yamada was always one of my favorites (& I think, if you look at it closely enough - she somewhat aligns with Andy T there [on Au]... if I'm reading it right)...
@ AAIP
If you're curious... How can anybody NOT take LSU (+2.5) tonight... Frankly (& officially), I'm OFF the game tonight, but I'd take the pins...
What's probably MORE interesting would be the OVER... I say that mostly with the possibility of overtime (or multiple overtimes), which can add up points quickly...
Of course, that would make you be biting your nuts all game... but that's where the "FUN" is...
You know... THE FUN!...
cv--,
LSU is Under-rated.
def. Tigers + the Pins ~!
AAIP
OMG the size of #76 for Alabama (the O line). What is in the food these days.
I'm so glad for that result in the so-called "title game."
It should now usher in some changes to the BCS format.
We should get, at minimum, a four team playoff now.
That was abysmal.
That was as shitty a BCS title game as I've ever seen.
Horrible.
"Turrible," as Charles Barkley might say.
That was so bad ....
Love how Brent (Minister of Propaganda) Musberger proclaimed at the end of the game....
"there will now be no doubt who the best team in the nation is..."
Wha?!?
I think there are people at OkState, Stanford, USC, Boise State that might differ....
What a crock of shit.
Shaking head. Going to bed now....
"I'm so glad for that result in the so-called "title game.""
x2
"Love how Brent (Minister of Propaganda) Musberger proclaimed at the end of the game....
"there will now be no doubt who the best team in the nation is...""
and, again..(x2)
It never occurred to me to wonder ~"Who's going to be in the 'Announcer's Booth' (for the Game)...
when I heard Musberger, before kick-off, I was like 'wtf? Musberger? is announcing this Game? O no..~'
good thing I only bothered to watch the first Quarter, and a half..
ibid.
Quotage..
"As long as the law may be diverted from its true purpose -- that it may violate property instead of protecting it -- then everyone will want to participate in making the law, either to protect himself against plunder or to use it for plunder. Political questions will always be prejudicial, dominant, and all-absorbing. There will be fighting to gain access to the legislature as well as fighting within it."
-- Frederic Bastiat
(1801-1850) [Claude Frederic Bastiat] French economist, statesman, and author. He did most of his writing during the years just before -- and immediately following -- the French Revolution of February 1848
Source: "The Law" by Frederic Bastiat (1850)
http://liberty-tree.ca/research/TheLaw
http://quotes.liberty-tree.ca/quote_blog/Frederic.Bastiat.Quote.734C
"The happiness and prosperity of our citizens
is the only legitimate object of government."
-- Thomas Jefferson
(1743-1826), US Founding Father, drafted the Declaration of Independence, 3rd US President
1811
http://quotes.liberty-tree.ca/quote_blog/Thomas.Jefferson.Quote.2641
AAIP
BCS Title Game = zzzzzzzzzzzzzzzzzzzzzzzzzzzz
Brent Musberger = zzzzzzzzzzzzzzzzx2
In any case... It all proves a point...
When you use hyperbole to describe something (as they'd billed the regular season Alabama-LSU game as the GAME OF THE CENTURY back in Nov...
& if the game turns out to be a dud (which it WAS - even though it went to OT... First OT game I remember ever watching that was actually boring)...
In any case... If something FAILS... drumroll...
Do it again! (crash cymbals)...
Because in any case... Since they like hyperbole so much... a "run of the mill" FAIL becomes... drumroll
AN EPIC FAIL!!!!
http://i599.photobucket.com/albums/tt78/The_Coolest85/Face%20palms%20and%20fails/epic-fail.jpg
SPX back above the Oct 2011 highs and yet the EU situation is worse. Also earnings will be WTE (even with the revised lower estimates). Nothing significant from the Merkozy meeting either.
We're into Andy's resistance area. Batten down the hatches.
not really a peaking pattern up there....
probably a little more to go on the sp500
Actually. I spy a rising wedge pattern on the sp500 60 min chart.
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