AmenRa's Corner

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

Creditcane: What? What? It's EOM. What do you expect?

SPX
Spinning top day again. Finally gave up 1110. Still above the SMA(21). Tested and failed the SMA(233). Midpoint above EMA(10). Back below the weekly 3LB reversal price (1110.88). Couldn't hold the trendline (3/6/09-5/25/10). No daily 3LB changes (reversal is 1064.88). QE2infinity.



DXY
Inverted hammer day. Midpoint below EMA(10). Still failing to retake the SMA(144). The 85.11 (fibo .1459) has been violated. Below the 61.8% retrace and tested the 50% retrace (failed again). New low on daily 3LB (reversal is 82.46).



VIX
Bearish long day. Midpoint above EMA(10). Still below weekly 3LB mid and monthly 3LB mid. "Fear is here so don't get fooled on market pumps. Repeat ad nauseam. Arrghh!" Still below the SMA(89) and back below the SMA(144). No daily 3LB changes (reversal now 22.73).



GOLD
Bullish long day. Below the SMA(21), the SMA(89). Midpoint below EMA(10). "To hell with fiat! Say it again! I'm gold and I'm proud!". Back above 14.6% retrace (barely). No daily 3LB changes (reversal is 1195.70).



EURUSD
Bearish short day. Midpoint above the EMA(10). Still above the SMA(89). Above 1.2935 (fib .1459). Still above the trendline (11/27/09-3/17/10). No daily 3LB changes (reversal is 1.2943).



JNK
Spinning top day. Tested and failed the 76.4% retrace again 4x. Still above the SMA(89) and the SMA(144). Midpoint above EMA(10). No daily 3LB changes (reversal is 36.43).



GS
Bearish harami day. Held the SMA(89). Still above 147.91 (fib .236). Midpoint above the EMA(10). Still above 144.98 (fib 2.058 from low). The 1.618 fibo (using low) of 124.12 is still waiting. No daily 3LB changes (reversal is 145.22).



10YR YIELD
Bearish short day. Resolved doji lower (way lower). Below the 14.6% retrace. Running towards the 0.0% retrace at 28.83. Midpoint below EMA(10). Back below the SMA(21). No daily 3LB changes (reversal is 31.14).



DJ TRANS AVG
Spinning top day. Volatile day again. Still trading above all SMA's. Midpoint above EMA(10). Keeps making lower daily lows. No daily 3LB changes (reversal is 4247.00).




LUMBER
Bullish "long" day. Back above the SMA(21). Back above the weekly 3LB mid. Midpoint above EMA(10). No daily 3LB changes (reversal is 194.60).

Morning Audibles 7.31.10 - Renew! Renew!

CV has nothing profound, or amusing, to say this morning...


This being the end of the month, I've been looking at MONTHLY and WEEKLY charts (going back 12 years and more), to better assess the macro picture...


I'll get to posting them later on, but they're hard to annotate as one could draw many different conclusions... They're better to leave to the individual eye to decide that...


I'd said earlier this week that I expected weakness going into Friday (and lo and behold)... However - today may be the day that the market finally finishes consolidating phase 1 of the huge move up from 1010... 

Renew! Renew! - Logan's Run (1976)

Fundamentally, CV doesn't have much faith in the economy, but as I've said many times before, the ECONOMY is not the STOCK MARKET... All one needs to do is look at how the indices have behaved vs. the credit markets for the past month to understand that phenomenon... 


It's still summer though... And one weekend only means July rolls into August... In Europe, hardly anyone even works during the month of August... In America, hardly anyone ever works PERIOD (because they're either out of a job, or out shopping for an iPAD)...

Americans Splurge on IPads While Broke in New Abnormal Economy

http://noir.bloomberg.com/apps/news?pid=20601109&sid=av6psxDBo63Y&pos=15

So I don't know... Something crazy in my gut is telling me that equities aren't through here yet... And although TODAY might be weak at the open, you can always count on MOMOS on Monday & Tuesday of a new month next week to continue with the time honored tradition of transferring your automatic payroll deductions (otherwise known as 401k's), to CEO's...

Jenny Agutter as "Jessica 6"

AmenRa's Corner

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

Creditcane is now over warmer water...

SPX
Spinning top day. Finally gave up 1110. Still above the SMA(21). Tested and failed the SMA(233). Midpoint above EMA(10). Back below the weekly 3LB reversal price (1110.88). Also couldn't hold the trendline (3/6/09-5/25/10). No daily 3LB changes (reversal is 1064.88). QE2infinity.



DXY
Bearish short day. Midpoint below EMA(10). Failed to retake the SMA(144). The 85.11 (fibo .1459) has been violated. Below the 61.8% retrace and tested the 50% retrace (failed). New low on daily 3LB (reversal is 82.49).



VIX
Spinning top day again. Fought back from earlier high (long hair). Midpoint below EMA(10). Still below weekly 3LB mid and monthly 3LB mid. "Fear is here so don't get fooled on market pumps. Repeat ad nauseam. Arrghh!" Still below the SMA(89) and held the SMA(144). No daily 3LB changes (reversal now 22.73).



GOLD
Bullish short day. Confirmed bullish harami. Below the SMA(21), the SMA(89). Tested and held the SMA(144) again. Midpoint below EMA(10). "To hell with fiat! Say it again! I'm gold and I'm proud!". Still below 14.6% retrace. No daily 3LB changes (reversal is 1195.70).



EURUSD
Bullish short day. Midpoint above the EMA(10). Still above the SMA(89). Above 1.2935 (fib .1459). Still above the trendline (11/27/09-3/17/10). New high on daily 3LB (reversal is 1.2943).



JNK
Bearish short day. Tested and failed the 76.4% retrace again 3x. Still above the SMA(89) and the SMA(144). Midpoint above EMA(10). No daily 3LB changes (reversal is 36.43).



GS
Bullish long day (why?). Tested and passed the SMA(89). Back above 147.91 (fib .236). Midpoint above the EMA(10). Still above 144.98 (fib 2.058 from low). The 1.618 fibo (using low) of 124.12 is still waiting. New high on daily 3LB (reversal is 145.22).



10YR YIELD
Doji day. Below the 14.6% retrace. Running towards the 0.0% retrace at 28.83. Midpoint barely above EMA(10). Still above the SMA(21). No daily 3LB changes (reversal is 31.14).



DJ TRANS AVG
Doji day. Volatile day. Still trading above all SMA's. Midpoint above EMA(10). No daily 3LB changes (reversal is 4247.00).





WTI
Bullish long day. Still above the SMA(21), SMA(55) and the SMA(233). Midpoint below the EMA(10). Tested the SMA(89) & SMA(144) and failed both. No daily 3LB changes (reversal is 76.23).

Morning Audibles 7.28.10 - How to Run a Blog in the Middle of the Summer

So how DOES one actually run a blog in the middle of the summer?

LESSON 1: 

Post a picture of either of these people...

Simply 'seeing' those images, should draw in enough nitwits who will wander in like sheep & provide you with a lush comment section so that your sponsors will stay put... 

LESSON 2:

As the nitwits take the bait, you make sure you chime in with your own neutral take on the matter...

Is that the QUIZZICAL look? Or is it the CONTEMPLATING one?

Deep, deep thinking going on there...

OTOH

LESSON 3:

Then, when you have a BLOG FULL OF SOUNDLY REASONED ARGUMENTS... What do you do for an encore?... Why naturally, you take the next logical step and ask people what they'd do to BANG SCARLETT JOHANSSON...

http://www.thingsiwoulddotobangscarlettjohansson.com/

And THAT... My friends... Is how you operate a blog in the middle of the summer of a "typical recovery"... (for maximum effect)...

Tomorrows Topic?

"Stock tips from Justin Beiber"

Next Week?

- "How to do pirhouettes in a typical recovery (by Barton Biggs)".

- "Is Grey Poupon kosher?".

- "The next 10 things, that haven't occurred yet, that we cam blame George Bush on... a panel discussion".

- "thingsiwoulddotobangtheflightattendantinfirstclassthatlookslikescarlettjohansson", while I'm traveling.

- Friday OPEN THREAD - mellow jazz tunes to show everyone how cool I am.

EPILOGUE

Never... And I mean NEVER, talk about charts, stocks, elliott waves, moving averages, options expiries, cardinal crosses, candles, fibonacci levels, golden crosses, death crosses, momo mondays, finreg bills, QE, beige books, jobless claims, GDP, earnings, EBITDA, guidance... or ANYTHING resembling anything mentioned...

- - -

CV? Basically I suck at running a blog... So I'm just going to show you how Ben Bernocchio manages to levitate an equity market in the middle of an economic meltdown of biblical proportions...

http://www.youtube.com/watch?v=Zhoos1oY404&feature=related

AmenRa's Corner

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

Creditcane: You want the truth! You can't handle the truth! aka I'm back!!!

SPX
Bearish short day. Finally gave up 1110. Well above the SMA(21). Tested and held the SMA(233). Midpoint above EMA(10). Back below the weekly 3LB reversal price (1110.88). Also couldn't hold the trendline (3/6/09-5/25/10). No daily 3LB changes (reversal is 1064.88). QE2infinity.



DXY
Spinning top day again. Midpoint below EMA(10). Tested and failed the SMA(144). The 85.11 (fibo .1459) has been violated. Below the 61.8% retrace and tested the 50% retrace (passed). No daily 3LB changes (reversal is 82.56).



VIX
Spinning top day. Fought back from earlier low (long tail). Midpoint below EMA(10). Still below weekly 3LB mid and monthly 3LB mid. "Fear is here so don't get fooled on market pumps. Repeat ad nauseam. Arrghh!" Still below the SMA(89) but back above SMA(144). Daily 3LB reversal up (reversal now 22.73).



GOLD
Bullish harami day. Below the SMA(21), the SMA(89). Tested but held the SMA(144) again. Midpoint below EMA(10). "To hell with fiat! Say it again! I'm gold and I'm proud!". Still below 14.6% retrace. No daily 3LB changes (reversal is 1195.10).



EURUSD
Spinning top day. Midpoint above the EMA(10). Still above the SMA(89). Above 1.2935 (fib .1459). Still above the trendline (11/27/09-3/17/10). No daily 3LB changes (reversal is 1.2895).



JNK
Bullish short day. Tested and failed the 76.4% retrace again. Still above the SMA(89) and the SMA(144). Midpoint above EMA(10). No daily 3LB changes (reversal is 36.43).



GS
Spinning top day. No test of SMA(89). Still below 147.91 (fib .236) again 2x. Midpoint above the EMA(10). Still above 144.98 (fib 2.058 from low). The 1.618 fibo (using low) of 124.12 is waiting patiently. No daily 3LB changes (reversal is 140.25).



10YR YIELD
Bearish long day. Tested and failed the 14.6% retrace. Running towards the 0.0% retrace at 28.83. Midpoint above EMA(10). Still above the SMA(21). No daily 3LB changes (reversal is 31.14).



DJ TRANS AVG
Bearish short day. Confirmed bearish harami. Still trading above all SMA's. Midpoint above EMA(10). No daily 3LB changes (reversal is 4247.00).




LUMBER
Bullish very short day. Still below the SMA(21). Back below the weekly 3LB mid. Midpoint below EMA(10). No daily 3LB changes (reversal is 194.60).