Creditcane™: REPETERE AD INFINITUM: CAVEAT EMPTOR.
Bullish short day. Midpoint above EMA(10). Holding above SMA(21). Still failing the 0.0% retrace (1463.76). No daily 3LB changes (reversal is 1465.77). QE2infinity. Still below the trend line and above the other trend line.
Bearish short day. Midpoint below EMA(10). Still failing the 38.2% retrace (79.97). Now failing all SMA's. New low on dally 3LB (reversal is 80.10).
Bearish short day. Midpoint below EMA(10). Tested and failed SMA(21). Holding above its 0.0% retrace (14.27). No daily 3LB changes (reversal is 13.88).
Doji day. Midpoint below EMA(10). Holding above its 38.2% retrace (1730.90). Still failing SMA(21). No daily 3LB changes (reversal is 1775.70). Must have the precious.
Bullish short day. Midpoint above EMA(10). Now above all SMA's. Tested and held its 38.2% retrace (1.3127). Daily 3LB reversal up (reversal is 1.2862).
Doji day. Midpoint above EMA(10). Above all SMA's. Holding above its 61.8% minor retrace (40.10). No daily 3LB changes (reversal is 40.73).
Bullish long day. Now above all SMA's. Midpoint above EMA(10). Tested and held its 38.2% minor retrace (17.47). No daily 3LB changes (reversal is 18.70).
Doji day. Tested and held SMA(21). Midpoint above EMA(10). Holding above its 61.8% minor retrace (90.85). No dally 3LB changes (reversal is 92.48).
Bullish short day. Still failing SMA(21). Midpoint below EMA(10). Holding above its 38.2% minor retrace (32.24). No daily 3LB changes (reversal is 35.10).
Bullish long day. Midpoint above EMA(10). Tested and held SMA(21). Tested and held its 61.8% minor retrace (50.01). No daily 3LB changes (reversal is 51.64).
Bullish short day. Tested and held SMA(21). Midpoint above EMA(10). Holding above its 0.0% retrace (0.7536). No daily 3LB changes (reversal is 0.7800).
Bullish short day. Midpoint below EMA(10). Tested and failed SMA(21). Holding above its 38.2% retrace (3.673). No daily 3LB changes (reversal is 3.688).
Bearish short day. Holding above SMA(89). Midpoint above EMA(10). Tested and failed its 38.2% minor retrace (647.26). No daily 3LB changes (reversal is 652.59).
IT HAS BEGUN. YOU HAVE BEEN WARNED.
5 comments:
How important is this development in the sovereign bond market?
http://www.financialsense.com/contributors/pater-tenebrarum/the-eu-trading-ban-in-sovereign-cds
The EU’s Trading Ban in Sovereign CDS
A Signal Loses Its Significance
As a friend recently reminded us, the charts of credit default swaps (CDS) on sovereign debt in the euro area that we are regularly updating in these pages may no longer be indicative of the underlying reality of market perceptions.
This is so because the EU's bureaucrats, in their ongoing attempts to manipulate markets, have issued a ban on so-called 'naked' trading in CDS. This means that speculators are no longer allowed to buy and sell CDS contracts to merely express their opinion. Unless one holds the underlying bonds, one will no longer be allowed to trade these credit instruments from November 1 onward.
Instead, trading in them now takes place only 'by appointment', as every trade must be sanctioned by the EU's bureaucrats. A buyer or seller of CDS must now be able to “prove that a CDS position is a hedge, showing correlations (both quantitative and qualitative)”.
Not surprisingly, liquidity in the CDS markets is evaporating as a result of these new regulations and we can probably no longer rely on these markets to give us relevant signals (we will however continue to keep an eye on them to see what develops).
Too much rain for them to play ball in Saint Louis.
GOOG accidentally reports early. Misses by 20%. GOOG halted. Carnage ensues.
That was EPS. Operating income missed by 23%.
New post.
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