Morning Corner 7.20.11

This is how the market continues to rise on horrendous economic data:

Rough Rice (weekly info)
WEEKLY REVERSAL new high 16.98
trend=no
direction=up (1 bar)
high= 16.98
rev= 13.16; mid= 15.07

This is where the problems overseas will have the catalyst they have been looking for. After last weeks move there are many who may have to switch to something else (aka Chained CPI). it's above all SMA's. It's still testing its 61.8% minor retrace (16.92) this week. So far the candle this week indicates continuation.

AmenRa's Corner

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

"You too can prevent no volume market ramp ups."

Creditcane™: I've fallen and I can't get up.

SPX
Bullish long day. Midpoint below EMA(10). Back above all SMA's. Holding above trend line (3/6/09-7/1/10). Tested and held the 38.2% minor retrace (1314.25). No daily 3LB changes (reversal is 1353.22). QE2infinity.



DXY
Spinning top day. Midpoint above EMA(10). Tested and held the 61.8% minor retrace (74.94). Holding SMA(21). Holding its weekly 3LB mid. No daily 3LB changes (reversal is 74.79).



VIX
Bearish long day. Midpoint above EMA(10). Still above all SMA's. Tested and failed its 38.2% retrace (20.28). No daily 3LB changes (reversal is 21.32). Captured and returned to the "no fear" zone.



GOLD
Bearish engulfing day. Midpoint above EMA(10). Tested and failed its 0.0% retrace (1594.90). Above all SMA's. No daily 3LB (reversal is 1585.50). Holding above upper trend line. Must have the precious.



EURCHF
Bullish engulfing day. Midpoint below EMA(10). Tested and held its 0.0% retrace (1.1467). Failing all SMA's. No daily 3LB changes (reversal is 1.1589). Intervention anyone?



JNK
Spinning top day. Midpoint above EMA(10). Failing SMA(233). Held its 50.0% retrace (40.00). Below trend line (2/5/10-2/12/10). No daily 3LB changes (reversal is 40.39).



10YR YIELD
Bearish long day. Failing all SMA's. Midpoint below EMA(10). Failing its 38.2% minor retrace (29.56). Further below the upper trend line. No daily 3LB changes (reversal is 31.97). Closed at its previous daily low close.



WTI
Bullish long day. Held SMA(233). Midpoint above EMA(10). Tested and failed SMA(55). Tested and failed its 38.2% minor retrace (97.98). No dally 3LB changes (reversal is 91.38).



SILVER
Bearish engulfing day. Still above all SMA's. Midpoint above EMA(10). Still above the upper trend line. Tested and failed its 38.2% retrace (40.69). No daily 3LB changes(reversal is 38.15).



BKX
Bullish long day. Midpoint below EMA(10). Failing all SMA's. Held its 61.8% minor retrace (46.19). No daily 3LB changes (reversal is 48.32).



HYG/LQD
Spinning top day. Held SMA(21). Midpoint below EMA(10). Failing its 38.2% retrace (0.8201). No daily 3LB changes (reversal is 0.8332).



GS
Bullish long day. Below all SMA's. Midpoint below EMA(10). Tested and held its 0.0% retrace (128.30). Daily 3LB reversal down (reversal is 136.65).

IT HAS BEGUN. BE WARNED.

Morning Corner 7.19.11

30 Yr Bond (weekly info)
-no change (above mid)
trend=no
direction=down (1 bar)
low= 122.688
rev= 126.594; mid= 124.641

30 yr bond still trying to recover from the massive selloff at the end of June. Currently it's trying to hold its 50.0% minor retrace (125.743). It's above all SMA's and the weekly 3LB mid. A break below 124.495 may send it down to 120.455 pretty quickly.



FedEx (weekly info)
-no change (above mid)
trend=no
direction=up (2 bars)
high= 97.56
rev= 85.40; mid= 91.44

Well if FedEx is supposed to be a proxy for the economy then there appears to be problems ahead. It's now below its weekly 3LB mid and SMA(21). It also is testing its 61.8% minor retrace (90.49).

The bulls hired new security at the NYSE to keep the bears in check...

AmenRa's Corner

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

Creditcane™: Just because you closed off the lows doesn't make it safe.

SPX
Bearish short day (was a long day at first). Midpoint below EMA(10). Failed SMA(21) & SMA(144). Holding above trend line (3/6/09-7/1/10). Failed the 38.2% minor retrace (1314.25). Daily 3LB reversal down (reversal is 1353.22). QE2infinity.



DXY
Bullish short day. Midpoint above EMA(10). Holding above the 61.8% minor retrace (74.94). Holding SMA(21). Holding its weekly 3LB mid. No daily 3LB changes (reversal is 74.79).



VIX
Bearish short day. Midpoint above EMA(10). Still above all SMA's. Tested and failed its 50.0% retrace (21.67). No daily 3LB changes (reversal is 21.32). Escaped from the "no fear" zone.



GOLD
Bullish long day. Midpoint above EMA(10). Tested and held its 0.0% retrace (1594.90). Above all SMA's. New high on daily 3LB (reversal is 1585.50). Holding above upper trend line. Must have the precious.



EURCHF
Doji day. Midpoint below EMA(10). Tested and held its 0.0% retrace (1.1467). Failing all SMA's. New low on daily 3LB (reversal is 1.1589). Swiss Central Bank couldn't take it anymore.



JNK
Bearish long day. Midpoint below EMA(10). Failing SMA(233). Failed its 50.0% retrace (40.00). Below trend line (2/5/10-2/12/10). No daily 3LB changes (reversal is 40.39).



10YR YIELD
Bullish long day. Failing all SMA's. Midpoint below EMA(10). Failing its 38.2% minor retrace (29.56). Further below the upper trend line. No daily 3LB changes (reversal is 31.97).



WTI
Bearish long day. Held SMA(233). Midpoint above EMA(10). Tested and failed its 50.0% minor retrace (96.96). No dally 3LB changes (reversal is 91.38).



SILVER
Bullish short day. Still above all SMA's. Midpoint above EMA(10). Back above the upper trend line. Tested and failed its 38.2% retrace (40.69). New high on daily 3LB (reversal is 38.15).



BKX
Bearish short day. Midpoint below EMA(10). Failing all SMA's. Failing its 61.8% minor retrace (46.19). New low on daily 3LB (reversal is 48.32). Jaws and the piranhas both smell the blood in the water.



HYG/LQD
Bullish short day. Held SMA(21). Midpoint below EMA(10). Failing its 38.2% retrace (0.8201). No daily 3LB changes (reversal is 0.8332).

IT HAS BEGUN. BE WARNED.

Morning Corner 7.18.11

EURCHF (weekly info)
new low 1.1477
trend=down
low= 1.1477
rev= 1.2126; mid= 1.1802


Last week was not the best for the euro as seen by the rise in the Swiss Franc. This week isn't starting off any better. Trending down on the weekly 3LB and below all SMA's.



GOLD (weekly info)
new high 1590.10
trend=up
high= 1590.10
rev= 1486.90; mid= 1538.50


With the world currencies racing to the bottom it's no wonder gold (and silver) are pushing to new highs. Still not sure if how long it would take before people wake up and see what's happening.