Get the S&P to new highs (at all costs)!!! Sorry. Not today.
Creditcane™: REPETERE AD INFINITUM: CAVEAT EMPTOR.
SPXBullish long day. Midpoint above EMA(10). Still above all SMA's. Tested and failed the 0.0% retrace (1563.62). New high on daily 3LB (reversal is 1551.18). QE2infinity. Still below 2 of 3 trend lines and RSI(14) above 50.
DXYDoji day. Midpoint above EMA(10). Holding above the 38.2% minor retrace (82.46). Holding above SMA(21). No dally 3LB changes (reversal is 82.13).
VIXBearish short day. Midpoint below EMA(10). Now failing all SMA's. Holding above its 0.0% retrace (11.50). No daily 3LB changes (reversal is 11.30).
GOLDBearish short day. Midpoint below EMA(10). Now failing its 61.8% retrace (1609.30). Tested and held SMA(21). No daily 3LB changes (reversal is 1615.50). Must have the precious.
EURUSDSpinning top day. Midpoint below EMA(10). Now failing all SMA's. Still failing its 38.2% retrace (1.3145). New low on daily 3LB (reversal is 1.2956).
JNKDragonfly doji day. Midpoint above EMA(10). Still above all SMA's. Holding above its 38.2% minor retrace (40.58). No daily 3LB changes (reversal is 41.12).
10YR YIELDBearish short day. Tested and failed SMA(21,55). Midpoint below EMA(10). Tested and failed its 61.8% minor retrace (19.37). No daily 3LB changes (reversal is 18.53).
WTIBullish long day. Tested and held SMA(55). Midpoint above EMA(10). Holding above its 61.8% minor retrace (93.72). New high on dally 3LB (reversal is 93.82).
SILVERBearish short day. Tested and failed SMA(21). Midpoint below EMA(10). Still failing its 61.8% minor retrace (30.25). No daily 3LB changes (reversal is 29.49).
BKXSpinning top day. Midpoint below EMA(10). Still above all SMA's. Still failing its 0.0% retrace (57.33). No daily 3LB changes (reversal is 57.52).
HYG/LQDBearish short day. Still above all SMA's. Midpoint below EMA(10). Tested and failed its 38.2% retrace (0.7907). No daily 3LB changes (reversal is 0.7850).
COPPERBearish short day. Midpoint below EMA(10). Still failing all SMA's. Tested and failed its 61.8% minor retrace (3.454). No daily 3LB changes (reversal is 3.555).
AAPLBearish short day. Tested and failed SMA(55). Midpoint above EMA(10). Tested and failed its 61.8% retrace (463.72). Still failing BB(2,200). No daily 3LB changes (reversal is 430.47).
CCIBullish short day. Midpoint above EMA(10). Holding above SMA(21). Still failing its 38.2% retrace (557.71). No daily 3LB changes (reversal is 556.38).
IT HAS BEGUN. YOU HAVE BEEN WARNED.
4 comments:
http://finance.yahoo.com/news/cyprus-banks-remain-closed-avert-062008181.html?l=1
Cyprus readies capital controls to avert bank run
By Michele Kambas and Costas Pitas
NICOSIA (Reuters) - Cyprus is expected to complete capital control measures on Wednesday to prevent a run on the banks by depositors anxious about their savings after the country agreed a painful rescue package with international lenders.
Cypriots have taken to the streets of Nicosia in their thousands to protest at a bailout deal that they fear will push their country into an economic slump and cost many their jobs. European leaders said the deal averted a chaotic national bankruptcy that might have forced Cyprus out of the euro. {Yeah right}
With banks due to reopen on Thursday, Finance Minister Michael Sarris said he expected the control measures to be ready by noon (5 a.m. EST) on Wednesday: "I think they will be within the realms of reason," he said, without going into details.
"Banks will open on Thursday ... We will look at the best way to limit the possibility of large sums of money leaving, and not imposing punitive conditions on the economy, businesses and individuals," Sarris said in a Cyprus television interview.
The central bank governor said earlier that "loose" controls would apply temporarily to all banks. Earlier, the finance minister said they could be in place for weeks. Banks have been shut since final bailout talks got under way in mid-March.
Watching business news feeds is enough to drive one insane. Everything has to be spun as positive. Don't they get sick from spewing too much BS?
http://www.spiegel.de/international/europe/cypriot-parliament-investigates-government-after-dubious-transactions-a-891168.html
Suspicious Transactions: Cypriot Parliament Investigating Capital Flight
Banks have been closed and accounts frozen in Cyprus recently. Nevertheless, large amounts were moved out of the country's crippled financial institutions on the eve of the bailout package. Lawmakers are suspicious and are investigating both the government and the Cypriot central bank.
So the money the Troika thought they were going to get has already fled the banks. Merkel's hope of disparaging Russian oligarchs has failed. The depositors under E100,000 better get their money out because that money will be used to "fill the gap".
Amazing how quickly the market can be forced higher. Maybe it HAS to be higher before the banks open in Cyprus. But as the article stated the big money has already left Cyprus. So it's only the small depositors left to fund the bailout. JTOL.
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