S&P 500 with some Sugar on Top

Good Sunday Evening Capitalists (provided it's still legal to be a capitalist),

It seems like we've been talking about this 61.8% retrace at 1229 for awhile now. Perhaps this is the week the market finally kisses that much anticipated level. There was nothing bearish about last week as the market fully recovered from the GS/SEC "gyration," proving once again that bullish markets will NEVER peak on bearish news. So it goes...

I'm geared quite bearish the S&P right now via June puts with a 1200 strike. The position is "in my face" right now*, but I'm loving every minute of it (Thank you sir, may have another!).

I've also included a one page update of the Sugar market here. Remember how were were going to run out of Sugar a few months ago? Um, not so much any more. That market has basically collapsed, but there does seem to be a little bit of light at the end of the tunnel for Sugar bulls.

S&P 500 Update 25 Apr 10

* The Jun 1200 e-mini Puts were bought for 28pts. The last trade was 24, so not bleeding too badly. "Tis but a scratch..."

WEEKEND EDITION - Do Do Do Doooh-DO, THE CHORES!

Sorry I've been sparse on the "threads these past few days ladies & gents. BUT IT'S THAT TIME OF YEAR again. Chores THIS time of year simply CAN NOT go unattended...

You SOW, and then you REAP...  If there's no sowing. There's no REAPING. I imagine it's been like that for all of mankind...

Except for this clever bunch who have evolved in the past generation and a half. These people are smart with their Harvard and MIT degrees they think they've concocted ways ways to live in which ALL YOU DO is reap. 

Actually you don't even reap. You just party all day and all night, and when it comes time to reap (something created out of nothing) you borrow money to pay some other person to reap it for you and offer it to you on a silver platter as tribute to your GODLY wisdom...

I'm kind of an OLD SCHOOLER. So I'll continue doing things the old fashioned way and listen to everyone tell me how stupid I am... :-)

Life's just a cocktail party!

"This town is full of money grabbers... go ahead BITE THE BIG APPLE!"

AmenRa's Corner

A place where a skillful caddy always offers cool advice when it comes to your "stick" selection

SPX
Bullish long day. Next fibo target (using low) is the 1.8276 at 1218.63. Midpoint still above 10 SMA (uptrend). Market want to get to the 61.8% retrace at 1228.74 before letting the bears party. New high on daily 3LB with reversal now 1192.13. QE2infinity.



DXY
Bearish long day. Tested and held the 21 SMA. Midpoint above 10 SMA (uptrend). Avoided closing above the 233 SMA on the weekly chart at 81.47. No daily 3LB changes.



VIX
Takuri day (usually bullish...yeah right). Still below the 61.8% fibo ext (support). Midpoint back above 10 SMA. No daily 3LB changes.



GOLD
Bullish long day (confirmed hammer). Midpoint still below 10 SMA. Didn't need to test the 14.6% fibo ext. No daily 3LB changes.




EURUSD
Bullish short day. Midpoint below the 10 SMA. Closed below the 21 SMA. Tested the 0.0% fibo retrace and passed. Next fibo level of 1.2935 is still a target in case of weakness (Greece is lighting the fuse as we speak). Tested trendline (11/27/09-3/17/10) and failed. No daily 3LB changes.



GS
Bearish long day. Stayed above the 1.618 fibo of 154.80. Closed back below the 0.0% fibo ext. New low on daily 3LB with reversal now 160.70. Still trending down on the daily 3LB. Have fun on the back nine Lloyd.

Morning Audibles 4.23.10 - Out of Pocket

I'm a little "out of pocket" this morning computer wise...

Look! Obama has already figured out how to tax me on it!

BEWARE OF WEDGES! (Last one formed to make life miserable for bears).

AmenRa's Corner

A place where a skillful caddy always offers cool advice when it comes to your "stick" selection

SPX
Bullish short day. Possible hammer but it's not above recent high. Tested the 1.786 fibo (using low) of 1190.89 and passed (next is the 1.8276 at 1218.63). Midpoint still above 10 SMA (uptrend). No daily 3LB changes. QE2infinity.



DXY
Bullish long day. Closed above 21 SMA. Well above the 55 SMA. Midpoint above 10 SMA (uptrend). Dollar up & SPX up. Confused yet? No daily 3LB changes.



VIX
Bearish long day. Back below the 61.8% fibo ext (support). Midpoint back above 10 SMA (will you please make up your mind). No daily 3LB changes.



GOLD
Hammer day (I'd prefer color of body to be opposite of trend). Midpoint below 10 SMA. Tested the 14.6% fibo ext and passed. No daily 3LB changes.



EURUSD
Bearish short day (again 3x). Midpoint below the 10 SMA. Closed below the 21 SMA. Tested the 0.0% fibo retrace and passed. Next fibo level of 1.2935 is still a target in case of weakness (Greece is lighting the fuse as we speak). New low on daily 3LB reversal with reversal now 1.3475.