Morning Corner 10.12.11

HYG (weekly info)
-no change (below mid)
trend=down
low= 82.83
rev= 86.86; mid= 84.85


Last week HYG formed a hammer. This week is trying to confirm it. It tested the weekly 3LB mid and failed. It's still below all SMA's. It held its 38.2% retrace last week.



LQD (weekly info)
-no change (below mid)
trend=no
direction=up (1 bar)
high= 113.59
rev= 111.04; mid= 112.31

None of the moves in LQD have been decisive in determining direction. It appears to have tested the weekly 3LB reversal and passed. It's only below its SMA(21). It hasn't dropped far enough to test the minor retraces.



MUB (weekly info)
-no change (below mid)
trend=up
high= 107.25
rev= 104.97; mid= 106.11


MUB had a nasty confirmation of a dark cloud cover. This week is trying to slow down the carnage (but is has already made a lower low). It tested and held its weekly 3LB reversal. It tested and has failed the SMA(21) so far this week.

AmenRa's Corner

Creditcane™: The Creditcane signal has appeared in the sky. Time to suit up.

SPX
Spinning top day. Midpoint above EMA(10). Tested and held SMA(55). Well above the 61.8% minor retrace (1168.03). No daily 3LB changes (reversal is 1200.07). QE2infinity. Still above the daily 3LB mid and failed test of the weekly 3LB mid.



DXY
Bullish harami day. Midpoint below EMA(10). Failing the 61.8% minor retrace (78.16). Tested and failed SMA(21). No daily 3LB changes (reversal is 79.60). Still confirming the monthly 3LB reversal up.



VIX
Bearish short day. Midpoint below EMA(10). Failing SMA(55). Tested and failed its 38.2% retrace (33.51). No daily 3LB changes (reversal is 25.25). Still running away from the "extreme fear" zone.



GOLD
Spinning top day. Midpoint above EMA(10). Holding above its 50.0% retrace (1651.50). Tested and held SMA(89). No daily 3LB changes (reversal is 1757.30). Must have the precious.



EURUSD
Hanging man day. Midpoint above EMA(10). Tested and held SMA(21). Tested and held its 38.2% minor retrace (1.3657). New high on daily 3LB (reversal is 1.3217).



JNK
Bearish harami day. Midpoint above EMA(10). Failing all SMA's. Tested and failed its 50.0% minor retrace (36.62). No daily 3LB changes (reversal is 35.34).



10YR YIELD
Spinning top day. Tested and failed SMA(55). Midpoint above EMA(10). Holding above its 38.2% minor retrace (21.37). New high on daily 3LB (reversal is 20.16).



WTI
Doji day. Tested and failed SMA(55). Midpoint above EMA(10). Tested and failed its 50.0% minor retrace (85.62). New high on dally 3LB (reversal is 82.59). Not confirming the monthly 3LB reversal down.



SILVER
Spinning top day. Failing all SMA's. Midpoint below EMA(10). Tested and held its 61.8% minor retrace (31.80). No daily 3LB changes (reversal is 36.58).



BKX
Bullish short day. Midpoint above EMA(10). Holding above SMA(21). Tested and held its 50.0% minor retrace (37.51). New high on daily 3LB (reversal is 35.40).



HYG/LQD
Bearish short day. Failing SMA(55). Midpoint above EMA(10). Tested and failed SMA(21). Tested and failed its 50.0% minor retrace (0.7592). No daily 3LB changes (reversal is 0.7241).



USDJPY
Spinning top day. Midpoint below EMA(10). Tested and held SMA(21). Tested and held its 38.2% retrace (76.561). No daily 3LB changes (reversal is 77.63).



30YR BOND
Bullish harami day. Midpoint below EMA(10). Tested and held the 61.8% minor retrace (139.442). No daily 3LB changes (reversal is 146.062).

IT HAS BEGUN. YOU HAVE BEEN WARNED.

Morning Corner 10.11.11

DAX (weekly info)
-no change (below mid)
trend=down
low= 5189.93
rev= 6236.16; mid= 5713.05


DAX held its 61.8% retrace for four weeks and has now broken above its 50.0% retrace. It's back testing its SMA(21). It's back above its weekly 3LB mid.



FT MIB (weekly info)
-no change (above mid)
trend=down
low= 13664.91
rev= 15888.61; mid= 14776.76


Italy gets downgraded two notches and its market heads higher. It's now above its SMA(21). It's above its weekly 3LB mid (and testing its weekly 3LB reversal).



PSI (weekly info)
-no change (below mid)
trend=no
direction=down (1 bar)
low= 5656.00
rev= 6361.00; mid= 6008.50

Portugal defended the 0.0% retrace and is now heading higher. It's still below all SMA's. This week its testing its weekly 3LB mid.

AmenRa's Corner

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

Creditcane™: Still recouping. I can't wreck havoc in this condition.

SPX
Bullish long day. Midpoint above EMA(10). Tested and held SMA(55). Well above the 61.8% minor retrace (1168.03). No daily 3LB changes (reversal is 1200.07). QE2infinity. Still above the daily 3LB mid but still below the weekly 3LB mid.



DXY
Bearish long day. Midpoint below EMA(10). Tested and failed the 61.8% minor retrace (78.16). Tested and failed SMA(21). Daily 3LB reversal down (reversal is 79.60). Still confirming the monthly 3LB reversal up.



VIX
Bearish long day. Midpoint below EMA(10). Tested and failed SMA(55). Tested and failed its 38.2% retrace (33.51). No daily 3LB changes (reversal is 25.25). Still running away from the "extreme fear" zone.



GOLD
Bullish long day. Midpoint below EMA(10). Tested and held its 50.0% retrace (1651.50). Tested and held SMA(89). No daily 3LB changes (reversal is 1757.30). Must have the precious.



EURUSD
Bullish long day. Midpoint above EMA(10). Tested and held SMA(21). Tested and held its 50.0% minor retrace (1.3598). Daily 3LB reversal up (reversal is 1.3217).



JNK
Bullish long day. Midpoint above EMA(10). Failing all SMA's. Tested and held its 61.8% minor retrace (36.86). Daily 3LB reversal up (reversal is 35.34).



10YR YIELD
Doji day (no bond trading). Holding above SMA(21). Midpoint above EMA(10). Holding above its 0.0% retrace (18.96). New high on daily 3LB (reversal is 18.75).



WTI
Bullish long day. Tested and held SMA(21). Midpoint above EMA(10). Tested and held its 50.0% minor retrace (85.62). New high on dally 3LB (reversal is 79.68). Not confirming the monthly 3LB reversal down.



SILVER
Bullish short day (didn't confirm dark cloud cover). Failing all SMA's. Midpoint below EMA(10). Tested and held its 61.8% minor retrace (31.80). No daily 3LB changes (reversal is 36.58).



BKX
Bullish long day (didn't confirm dark cloud cover). Midpoint above EMA(10). Tested and held SMA(21). Tested and held its 38.2% minor retrace (36.60). New high on daily 3LB (reversal is 33.65).



HYG/LQD
Bullish short day. Tested and failed SMA(55). Midpoint above EMA(10). Tested and held its 61.8% minor retrace (0.7643). New high on daily 3LB (reversal is 0.7241).



USDJPY
Spinning top day. Midpoint above EMA(10). Tested and failed SMA(21). Tested and held its 38.2% retrace (76.561). No daily 3LB changes (reversal is 77.63).



COPPER
Bullish long day. Midpoint above EMA(10). Failing all SMA's. Tested and held its 38.2% minor retrace (3.325). New high on daily 3LB (reversal is 3.151).

IT HAS BEGUN. YOU HAVE BEEN WARNED.

Morning Corner 10.10.11

ES (daily info)
-no change (above mid)
trend=down
low= 1086.25
rev= 1193.00; mid= 1142.13


ES is back above the 61.8% retrace and the SMA(21). It's still below the weekly 3LB mid.



DXY (weekly info)
new high 78.73
trend=up
high= 78.73
rev= 77.19; mid= 77.96


DXY still trying to breach its 38.2% retrace. It's also trying to hold the trend line. Last week made another high but the candle was a spinning top so no direction is apparent.



GOLD (weekly info)
-no change (below mid)
trend=no
direction=down (2 bars)
low= 1622.30
rev= 1876.90; mid= 1749.60

Gold is treading water at its monthly 3LB mid. It did make a higher low and high than the previous week. It never tested its SMA(55). Not dead yet.