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ES Gaps Down Big As 200 DMA Broken, FX-ES Decoupling Arrives
As expected, support was breached. EURJPY has to follow to the downside for the move to be confirmed or ES will bounce right up as the gap is filled (yes, it is 3pm and decoupling is here).
And decoupling:
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let's see if all that bearish engulfing shit works.... anyway props to Nic Lenoir for making a stand http://www.zerohedge.com/article/market-update
Anyone know how to get EURCHF on FinViz?
http://finviz.com/forex.ashx
Cheers.
Suggest using> http://www.netdania.com/Products/live-streaming-currency-rates-foreign-e... <which you can customize with just about anything, and it is FREE!
PPT broke. Sorry guys can't help the bull here.
Last 30 min will be the most dramatic stick save.
SPX needs to close above 1103.50 area for a successful save. Close above 200 dma and the miracle continues.
Another couple handles on the ES and Ben B/Tim G will be out telling everyone that were all gona' die if we don't get stimulus pronto.
Not to worry retail investor, pay no attention to the smoke, stay in your seats and enjoy the show, the theater is not on fire, repeat, not on fire.
HEY! I found those books you recommended and started reading them.
Loving them so far...only two chapters into Wall St Stories and just started Livermore. They knew how to write...gonna learn from the masters this week. :-)
(Then maybe I can stop being poor.)
Glad your enjoying them, they're far and away my favorite books on the markets. It always amazes me how similar today's markets are to those of 1901. Says a lot about the consistency of human nature and behaviour.
I missed that...
What books did you recommend? Need some more summer reading.
I read the one about Jesse Livermore. He was not a master. He started working about age 15 and did not go to college or know science, math or engineering. He guessed a lot. He looked for patterns. He read the ticker tape, but he wandered in darkness. Sometimes he was right and went all in with ever increasing bets. four times he lost it all. three times he came back. the forth time he comited suicide.
Best book I've read so far:
Amazon.com: Inside the House of Money: Top Hedge Fund Traders on ... Amazon.com: Inside the House of Money: Top Hedge Fund Traders on Profiting in the Global Markets (9780471794479): Steven Drobny: Books.
www.amazon.com › ... › Finance › Finance & Investing - Cached - Similar
Watching the minute candles now. Absorbing skirmish all right. They've successfully halted the EURJPY fall, but not making much headway off 111.05. It made it below 111 support a couple times before getting beat back. I say the PPT wins this one.
Ah, yes, there it goes. Looks like we'll get happy and green today after all.
ETA: So...what happens next. All Central Banks around the world called to defend EUR, buy it up only gradually and co-operatively so no-one suspects intervention or laughs at SNB again? Red phones around the world ringing even now. China allows CNY to drift up a bit more? Damn tinfoil hat is at the cleaners now when I need it most.
Trichet is probably too distraught about Les Bleus being sent home early from South Africa to pay attention and he's not answering Ben Shalom's frantic calls!
haha that explains it - so far this be the lamest ass rescue I've seen yet this month.
Works for me. Had a little long on EURJPY for just this eventuality and a short pending for the LONGEST TIME on the overbot AUS, which is doing a swan dive and looking lovely in red. Hope Trichet's service gets him out of the pool in time to miss the AUS part of the rescue anyway...or maybe he'll be too drunk to care.
If England loses to Slovenia and is also shipped back home tomorrow expect another 50-handle drop in ESU0 courtesy of GS's prop desk in London!
Geithner's Blackberry must be wailing with sirens right about now...
LOL...
Next support for ESU0 is at about 1084
This is more epic than the final battle in Lord of the Rings, and just as much special effects used (have the markets appear as real as Middle Earth).
No, no... if this were Middle Earth I would have far more influence in bending the market to our (ZH) desires... Like sending the Witch King of Angmar to have a meet and greet with the Federal Reserve!
Sporting defense of 1100 - that's gutsy buying given the pathetic state of the market. Buyers might wish they raced for the exit instead of defending an arbitrary psychological stop when this is all finished.
Let's all sell the hole here
I am still not going to stay at the Park City Waldorf Astoria no matter what the close or how many times that freaking ad consumes the ZH real estate.
Pete
What? Are YOU worried?
EURJPY is getting pumped like a blowup doll. Time to close shorts.
I think the problem is, nobody wants to own stocks right now, so anybody buying to 'support the market' realizes that the pool of suckers available to market them to at a later date is shrinking fast, and they might be left as the bagholders. Should be an interesting close.
At this point, I couldn't give a shit anymore if Benny and Timmy pump the market.
I just want to pump Mandy. Mmmmm, Mandy.
Timmay and Bennay are DPing Mandy as we speak...look at the ES get drilled.
man, I'd like to rescind my moratorium on drilling her...
I'd drill her deepwater every which way to Sunday.
ES is getting drilled like porn star bent over a kitchen table.
Ya and its all most as fun.
Sexytime ... with a rubber fist... Hi 5 !
scottrade down....
nm, back up
jim rickards has a new article:
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2010/6/21_Jim_Rickards_-_G20_%26_Revaluation_of_Gold.html
Best way to play this is to buy CL puts. CLQ0 is lagging ESU0 and will suddenly plunge once ES crosses 1090.
It's always jittery to short crude... One darn suicide bomber, american invasion, or 747 stuck in a building and it goes through the roof...
Jesus Christ! This rollercoaster ride is fun. Short and lovin it.
The Shitcan Cometh!
1093 on the ES
S&P is bouncing off the Upper Bollinger Band for the dailys.
You mean this market is trading off of short-term technicals?
After listening to CNBS, I thought "investors" were looking at the improving economic and housing picture and concluding that the worst was over and that they needed to buy more index funds.
Headline just seen on CNBS: DOW ON TRACK FOR BEST MONTH SINCE MARCH. I kid you not!
So, we need somebody to volunteer to buy into the close to prop the market up - who's up for it today? Hello, hello, anybody?
flash crash will come... again!
Anyone stop to think if today is a headfake to get people to sell and start to place short positions, just to melt up tomorrow triggering across the board stops?
I hope I did this right. I only bought 1 lot so I guess it ain't gonna kill me if I'm wrong.
PPT must be too busy playing with the new iOS4.
Yes, I upgraded to iOS 4.0 last night and can confirm it's a long drawn-out process, with a few glitches in the back-up and restore process!
+1
Likely fine tuning the FRBNY Ramp Markets application so they can enjoy cocktails at "Little Branch" and simultaneously do patriotic work squeezing evil shorts and wolf packs.
Well, that was interesting. I wonder what headlines the robots were reading.
Dylan Ratigan is going to do a segment on "The real worth of Wall Street" coming up this hour.
Shhh. Don't tell anybody but gold has snuck back up to 1142. Shhh.
Just an ugly unwind of the fake, artificial prop job into opex.
Hold strong men, we need to focus on the goal: Strong volume close under 2150 Naz and 1050 S&P. Then we own them!
LOL, you gotta be kidding me?? Here is CNBC take:
Is Drop in Home Sales Good News?
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Buzz up! 0
On Tuesday June 22, 2010, 4:02 pmFor all of you out there who accuse me of perpetual bearishness, here's a twist: What if the drop in existing home sales in May is a good thing?
We'll retest the May lows this week
From your finger-tips to the market god's ears!
No we won't. Word.
Let's revisit these effortless prognostications in 72 hours.
I hope you're right but I'm not counting on it. Too much PPT action going on. An extended smoke break today for them, I'm sure.
Skittles....taste the rainbow.
Gold bugs are gonna get hammered this week.
The 200DMA rises about half a point a day.
The 50DMA falls about two and a half points a day.
They are 24 points apart.
Train A is leaving Cleveland. Death cross first week of July.
All i can say is the charts look like "pooo" sorry kind of childish but fitting imo
the ES has been underperforming EUR/JPY the last 3 days sometimes by as much as 5 to 10 ES points, hmmm, someone forgot to remove an "if-then-else loop" somewhere in the bots software? or maybe carry trade crowd are joining the french (and soon english) soccer team to leave on prolonged vacation? The squids hire some terrific french drop-outs like Toure, so not so surprising these hedgies are feeling gloomy these days
I posted this early this morning on a different article:
"If the past de-(and re-)couples on the 30 and 60 day charts mean anything, then this current gap should be closed in a week. So I know there are theories galore about price support and dma's bla bla bla.
But SKYNET should close the spread in 7 or fewer days. (1070)"
gloat, gloat, gloat... but make money first!
What is the EUSO exactly? I looked on Google and Investopedia and neither were helpful.
You mean ESU0? It's the currently active S&P 500 e-mini contract.
we've seen this movie before. meltup to month end with profit on recent lows booked.
This trade was about 5pips away from target and then decoupled badly again. Argh.