Morning Corner 6.29.11

MCD (weekly info)
-no change (above mid)
trend=up
high= 82.52
rev= 78.70; mid= 80.61


Mickey D's appears to be dealing with the market weakness with ease. After five weeks of range trading it has broken out to the upside. It's above all SMA's. It's trending up on the weekly and monthly 3LB's. Williams %R is approaching overbought but that hasn't stopped it before. Now they may not be the healthiest drinks but the strawberry/banana and mango/pineapple smoothies are pretty good :-)



XOM (weekly info)
new low 77.22
trend=down
low= 77.22
rev= 80.81; mid= 79.02


XOM is starting to flex. It tested and held (so far) its monthly 3LB mid. It's back to trading above its weekly 3LB mid (so far). It's above all SMA's. Last week formed a inverted hammer and this week appears to be confirming it by forming a bullish engulfing.

"Austerity or no austerity. With one you'll wake up and be in debt forever to the banks, the other you tell the banks to go to hell and you start over. Choose."

AmenRa's Corner

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

"Out of the night that covers me black as a pit from pole to pole, I thank whatever gods there may be for my unconquerable soul."

Creditcane™: Tick tock. Tick tock. June 30th approaches. Today did not faze me.

SPX
Bullish long day (confirmed bullish harami). Midpoint above EMA(10). Tested and held SMA(21). Failing trend line (3/6/09-7/1/10). Tested and held the 61.8% retrace (1295.47). New high on daily 3LB (reversal is 1265.42). QE2infinity.



DXY
Spinning top day (confirmed bearish harami). Midpoint above EMA(10). No test of 0.0% retrace (72.70). Tested and failed SMA(89). Held its 23.6% retrace (74.73). Held its weekly 3LB mid. No daily 3LB changes (reversal is 73.78).



VIX
Bearish long day. Midpoint below EMA(10). Above all SMA's. Failing its 38.2% retrace (20.77). No daily 3LB changes (reversal is 18.26). Extradited back to the "no fear" zone.



GOLD
Spinning top day. Midpoint below EMA(10). No test of 0.0% retrace (1578.30). Failing SMA(55). Failing its 23.6% retrace (1515.29). No daily 3LB changes (reversal is 1557.30). Holding above upper trend line. Must have the precious.



EURCHF
Spinning top day. Midpoint below EMA(10). No test of 0.0% retrace (1.1781). No daily 3LB changes (reversal is 1.2010).




JNK
Bullish long day. Midpoint above EMA(10). Failing all SMA's. No test of 0.0% retrace (38.59). Holding its 38.2% retrace (39.48). Failing trend line (2/5/10-2/12/10). No daily 3LB changes (reversal is 39.88).



10YR YIELD
Bullish long day. Tested and held SMA(21). Midpoint above EMA(10). No test of 0.0% retrace (28.47). Still below the upper trend line. No daily 3LB changes (reversal is 30.99). Above weekly 3LB reversal price.



WTI
Bullish long day (confirmed hammer). Failing all SMA's. Midpoint below EMA(10). No test of 0.0% retrace (114.83). Failing its 85.4% retrace (93.07). No dally 3LB changes (reversal is 95.22).



SILVER
Spinning top day (bullish harami?). Failing all SMA's. Midpoint below EMA(10). Still below the upper trend line. Failing its 61.8% retrace (35.28). No daily 3LB changes (reversal is 37.86). "You want delivery! You can't handle the delivery!"



BKX
Doji day (evening star?). Midpoint above EMA(10). Failing all SMA's. Tested and failed its 76.4% retrace (47.07). No daily 3LB changes (reversal is 47.73).



HYG/LQD
Bullish long day (confirmed bullish harami). No test of 0.0% retrace (0.7899). Tested and held SMA(21). Midpoint above EMA(10). Tested and held its 38.2% retrace (0.8144). New high on daily 3LB (reversal is 0.7961).

WORLD WIDE PREMIERE JULY 1, 2011

Morning Corner 6.28.11

JNK (weekly info)
-no change (below mid)
trend=down
low= 39.38
rev= 40.88; mid= 40.13


JNK is battling the SMA(89). It's trending down on the weekly 3LB. The low from two weeks ago barely avoided taking out the low from August 2010. The MACD is moving higher (but still below zero). The Williams %R has worked off the oversold condition. Last week made a higher low. So JNK hasn't given up the ghost just yet.


90 Day UST (weekly info)
new low 0.01
trend=down
low= 0.01
rev= 0.07; mid= 0.04


90 Day UST made another weekly low last week. It can't get much lower. Right? This indicates that the Fed is nowhere near to raising rates. When this market says jump, the Fed asks "how high?"



3 Month vs Overnight Libor (daily info)


Finally decided to tick higher after weeks of declining. Are they starting to recognize that all is not well?

AmenRa's Corner

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

"What did I do to you to deserve this?"

Creditcane™: Tick tock. Tick tock. June 30th approaches. Nuff said.

SPX
Bullish long day (bullish harami?). Midpoint below EMA(10). Failing SMA(144) & SMA(21). Failing trend line (3/6/09-7/1/10). Tested and held the 76.4% retrace (1277.73). No daily 3LB changes (reversal is 1265.42). QE2infinity. Tested and failed daily 3LB mid.



DXY
Bearish harami day. Midpoint above EMA(10). No test of 0.0% retrace (72.70). Tested and held SMA(89). Held its 23.6% retrace (74.73). Held its weekly 3LB mid. No daily 3LB changes (reversal is 73.78).



VIX
Bearish thrusting day. Midpoint above EMA(10). Above all SMA's. Tested and failed its 38.2% retrace (20.77). No daily 3LB changes (reversal is 18.26). Escaped back to the "fear" zone.



GOLD
Spinning top day (morning star forming?). Midpoint below EMA(10). No test of 0.0% retrace (1578.30). Failing SMA(55). Failing its 23.6% retrace (1515.29). No daily 3LB changes (reversal is 1557.30). Holding above upper trend line. Must have the precious.



EURCHF
Bearish short day (with long tail). Midpoint below EMA(10). Made a new 0.0% retrace (1.1781). No daily 3LB changes (reversal is 1.2010).



JNK
Spinning top day (didn't confirm dark cloud cover). Midpoint below EMA(10). Failing all SMA's. No test of 0.0% retrace (38.59). Failed its 38.2% retrace (39.48). Failing trend line (2/5/10-2/12/10). No daily 3LB changes (reversal is 39.88).



10YR YIELD
Bullish long day. Failing all SMA's. Midpoint below EMA(10). No test of 0.0% retrace (28.47). Still below the upper trend line. No daily 3LB changes (reversal is 30.99).



WTI
Hammer day. Failing all SMA's. Midpoint below EMA(10). No test of 0.0% retrace (114.83). Failing its 85.4% retrace (93.07). New low on dally 3LB (reversal is 95.22).



SILVER
Bearish long day. Failing all SMA's. Midpoint below EMA(10). Still below the upper trend line. Failing its 61.8% retrace (35.28). New low on daily 3LB (reversal is 37.86). "You want delivery! You can't handle the delivery!"



BKX
Bullish long day. Midpoint below EMA(10). Failing all SMA's. Tested and failed its 76.4% retrace (47.07). No daily 3LB changes (reversal is 47.73).



HYG/LQD
Bullish short day (also could be bullish harami). No test of 0.0% retrace (0.7899). Below all SMA's. Midpoint below EMA(10). Tested and failed its 23.6% retrace (0.8050). No daily 3LB changes (reversal is 0.7961).

WORLD WIDE PREMIERE JULY 1, 2011

Morning Corner 6.27.11

WTI (weekly info)
new low 91.16
trend=down
low= 91.16
rev= 114.31; mid= 102.74


Continuing Andy's work on WTI with my $0.02. It's now trending down on the weekly 3LB with last weeks close. It's below the monthly 3LB mid indicating weakness is more persistent. Plus is closed below the monthly 3LB mid BEFORE the announcement of releasing reserves. It's below all SMA's. It's below the lower trend line. There are two fibonacci retraces shown (looking for overlap). Last week broke through the 93.07 (85.4%) and 92.75 (61.8%) retraces. Not looking good for WTI bulls.



CRB (weekly info)
new low 329.89
trend=down
low= 329.89
rev= 368.70; mid= 349.30


CRB is now trending down on the weekly 3LB. It's further below its SMA(21). Last week closed below its 50.0% retrace. The high from 1/8/10 of 293.75 and low from 11/26/10 of 293.95 is the area of concern. That's a major support area.