Creditcane™: REPETERE AD INFINITUM: CAVEAT EMPTOR.
Spinning top day. Midpoint above EMA(10). Holding above all SMA's. 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.
Bullish long day. Midpoint below EMA(10). Still failing the 38.2% retrace (79.97). Still failing all SMA's. No dally 3LB changes (reversal is 80.10).
Spinning top 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).
Bearish short 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.
Bearish short day. Midpoint above EMA(10). Still above all SMA's. Tested and failed its 38.2% retrace (1.3127). No daily 3LB changes (reversal is 1.2862).
Bullish short day. Midpoint above EMA(10). Still above all SMA's. Holding above its 61.8% minor retrace (40.10). No daily 3LB changes (reversal is 40.73).
Hanging man day. Still above all SMA's. Midpoint above EMA(10). Holding above 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).
Bearish 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).
Bearish short day. Midpoint above EMA(10). Holding above SMA(21). Tested and failed its 61.8% minor retrace (50.92). 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).
Doji day. Midpoint above 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. Tested and failed SMA(89). Midpoint below EMA(10). Tested and held its 50.0% minor retrace (629.73). No daily 3LB changes (reversal is 652.59).
Spinning top day. Midpoint above EMA(10). Still above all SMA's. Holding above its 50.0% retrace (41.81). No daily 3LB changes (reversal is 40.64).
IT HAS BEGUN. YOU HAVE BEEN WARNED.
6 comments:
http://www.bloomberg.com/news/2012-09-30/sec-sues-the-one-rating-firm-not-on-wall-street-s-take.html
SEC Sues the One Rating Firm Not on Wall Street’s Take
The Securities and Exchange Commission, it seems, has finally lost its mind.
In April, motivated by what I consider pure maliciousness, the SEC initiated a “cease and desist” administrative proceeding it deemed “necessary for the protection of investors and in the public interest” against Egan-Jones Ratings Co., a privately owned, 20-person firm based in Haverford, Pennsylvania, and against its principal owner, Sean Egan.
Egan-Jones, founded in 1995, is one of nine ratings companies that the SEC has accredited as “nationally recognized,” allowing the firm to rate the debt of sovereign nations, companies and asset-backed securities, among others. Notably, it is the only one of the nine that gets paid by investors instead of by the issuers of securities.
The bigger and better-known ratings companies -- Standard & Poor’s (owned by McGraw-Hill Cos. (MHP)), Moody’s Corp. (MCO) and Fitch Ratings Ltd. -- are paid by the Wall Street banks that underwrite the debt securities of corporate issuers. That is, the companies are beholden to the sellers of the products they are supposed to pass judgment on, not the buyers. That’s akin to allowing the Hollywood studios to pay the nation’s film critics for their opinions.
MCD misses on EPS but beats on revenue. Guess that dollar menu still isn't cheap enough.
Paraphrasing Obi Wan "This is not the opex you were looking for..."
http://www.bloomberg.com/news/2012-10-19/swaps-rule-sends-wall-street-into-clearing-limbo-credit-markets.html
Swaps Rule Sends Wall Street Into Clearing Limbo: Credit Markets
The securities industry misinterpreted rules it assumed allowed as many as nine months to start moving swaps into clearinghouses that are meant to limit risks to the financial system.
Firms dealing in $648 trillion of outstanding swaps contracts expected that trading during a phase-in period wouldn’t need to be processed by central clearinghouses, according to an Oct. 5 e-mail sent to clients by Davis Polk & Wardwell LLP, which represents the Securities Industry and Financial Markets Association. They were wrong, misreading one sentence in 17,000 words of regulation.
Unless lobbyists convince the Commodity Futures Trading Commission to soften the deadlines, derivatives users that speculate on or hedge against losses on everything from changes in interest rates to corporate bankruptcies may need to find cash and Treasuries to back the trades sooner than they anticipated. The 2010 Dodd-Frank Act is requiring trades be moved to the central counterparties to limit the kinds of risks that fueled panic during the 2008 credit crisis.
“Customers are scrambling to get arrangements with clearing brokers, so this is going to increase the operational complexity and challenge,” said Craig Pirrong, a finance professor at the University of Houston. Customers will have to find so-called margin that clearinghouses require to cushion against losses on swaps “that are all of a sudden going to be cleared,” he said, “so there’s the liquidity demand that’s also going to be fairly acute.”
Oops. But everyone knows the CFTC will give in to the banks demands and say certain trades will not have to be cleared.
It's bad enough the SPX fell through its 20SMA and 50SMA. It's still working on breaking through the 50EMA (which happens to align with the 55SMA). Fun times.
If you look at the SPX chart you'll see that it closed below the lowest trend line last Friday. It spent all of this week trying to stay above it. Trying. It went through that line like a hot knife through butter. It may still test the lows from last Friday if the PPT doesn't show up.
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