Creditcane™: The fiscal cliff still can't touch my destructive power.
Bullish long day. Midpoint above EMA(10). Tested and held SMA(55). Holding above the 38.2% minor retrace (1416.67). New high on daily 3LB (reversal is 1415.95). QE2infinity. Still below 2 of 3 trend lines and RSI(14) above 50.
Bearish long day. Midpoint below EMA(10). Holding above the 38.2% retrace (79.97). Tested and failed SMA(55). No dally 3LB changes (reversal is 79.67).
Bearish short day. Midpoint below EMA(10). Tested and failed SMA(89). Still failing its 61.8% minor retrace (18.81). No daily 3LB changes (reversal is 15.06).
Bearish short day. Midpoint below EMA(10). Still failing its 38.2% retrace (1733.20). Tested and failed SMA(89). No daily 3LB changes (reversal is 1718.80). Must have the precious.
Bullish short day. Midpoint below EMA(10). Tested and held SMA(55). Still failing its 38.2% retrace (1.3127). No daily 3LB changes (reversal is 1.3101).
Spinning top day. Midpoint above EMA(10). Still above all SMA's. Holding above its 61.8% minor retrace (40.10). New high on daily 3LB (reversal is 40.56).
Bullish short day. Tested and held SMA(144). Midpoint above EMA(10). Still failing its 38.2% minor retrace (17.47). No daily 3LB changes (reversal is 16.93).
Spinning top day. Now failing all SMA's. Midpoint below EMA(10). Still failing its 38.2% minor retrace (88.45). No dally 3LB changes (reversal is 84.87).
Bearish short day. Tested and failed SMA(21,55). Midpoint below EMA(10). Holding above its 38.2% minor retrace (32.24). No daily 3LB changes (reversal is 34.42).
Spinning top day. Midpoint above EMA(10). Tested and held SMA(55). Holding above its 38.2% minor retrace (49.10). New high on daily 3LB (reversal is 48.55).
Bullish short day. Tested and failed SMA(233). Midpoint above EMA(10). Tested and held its 38.2% minor retrace (0.7678). New high on daily 3LB (reversal is 0.7629).
Bearish short day. Midpoint above EMA(10). Still above all SMA's. Tested and held its 38.2% retrace (3.681). No daily 3LB changes (reversal is 3.650).
Bullish short day. Still failing all SMA's. Midpoint below EMA(10). Still failing its 38.2% retrace (555.47). Still failing BB(2,200). No daily 3LB changes (reversal is 589.53).
Bullish short day. Midpoint below EMA(10). Tested and failed SMA(21). Still failing its 61.8% minor retrace (570.80). No daily 3LB changes (reversal is 575.22).
IT HAS BEGUN. YOU HAVE BEEN WARNED.
5 comments:
http://www.nakedcapitalism.com/2012/12/doj-refuses-to-indict-hsbc-for-money-laundering-explicitly-because-it-is-too-big-to-fail.html
DOJ Refuses to Indict HSBC For Money Laundering Explicitly Because It is Too Big To Fail
By Matt Stoller, a fellow at the Roosevelt Institute. You can follow him at http://www.twitter.com/matthewstoller
This is a straight up admission.
State and federal authorities decided against indicting HSBC in a money-laundering case over concerns that criminal charges could jeopardize one of the world’s largest banks and ultimately destabilize the global financial system.
Instead, HSBC announced on Tuesday that it had agreed to a record $1.92 billion settlement with authorities. The bank, which is based in Britain, faces accusations that it transferred billions of dollars for nations like Iran and enabled Mexican drug cartels to move money illegally through its American subsidiaries.
It’s why we need someone like Neil Barofsky at the SEC.
In 2009, it really wasn’t possible to indict one of the largest financial institutions for fraud because it really would bring down the entire financial system. And that’s a problem that the Department of Justice can’t solve; that’s a problem the Financial Stability Oversight Council and the Treasury Department and the regulators have to solve first.
And that’s underlying all of this. Now the SEC is in a different place, because an SEC case is not going to bring down an institution the way a criminal indictment would. It’s a different set of standards.
Policymakers decided that was not a viable option in 2008 and invested huge amounts of treasure and energy to keep them alive. So I think it’s an honest acknowledgment of what’s very, very broken with our financial system and continues to be broken with our financial system.
The Financial Stability Oversight Council should be the forum whereby the government discusses the problem that banks can launder drug and terrorist money and get away with it. This should lead to policy changes, and constraints on banks so they can be prosecuted.
11/2/12 & 12/11/12 had 1134.27 as the high on the SPX. Double top?
http://mam.econoday.com/byshoweventfull.asp?fid=451428&cust=mam&year=2012&lid=0&prev=/byweek.asp#top
Released On 12/12/2012 8:30:00 AM For Nov, 2012
Prior Prior Revised Consensus Consensus Range Actual
Export Prices - M/M change 0.0 % 0.0 % 0.3 % -0.5 % to 0.5 % -0.7 %
Export Prices - Y/Y change 1.4 % 0.7 %
Import Prices - M/M change 0.5 % 0.3 % -0.4 % -0.9 % to 0.3 % -0.9 %
Import Prices - Y/Y change 0.4 % -1.6 %
..Well, didn't exactly fit, but declining prices in this era of global deleveraging are probably keeping Helicopter Man from sleeping at night...the imports though, easily explained by oil (depends on the definition of explained) but exports another story..
We're doomed:
http://www.federalreserve.gov/newsevents/press/monetary/20121212a.htm
To support continued progress toward maximum employment and price stability, the Committee expects that a highly accommodative stance of monetary policy will remain appropriate for a considerable time after the asset purchase program ends and the economic recovery strengthens. In particular, the Committee decided to keep the target range for the federal funds rate at 0 to 1/4 percent and currently anticipates that this exceptionally low range for the federal funds rate will be appropriate at least as long as the unemployment rate remains above 6-1/2 percent, inflation between one and two years ahead is projected to be no more than a half percentage point above the Committee’s 2 percent longer-run goal, and longer-term inflation expectations continue to be well anchored.
http://www.zerohedge.com/news/2012-12-12/spot-odd-one-out
Spot The Odd One Out
Summary: For the first time on a day with a QE announcement SPX futures closed red, VIX closed green and 10yr yields closed higher. The beginning of the end?
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