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Important Charts
Another extremely dull morning in Europe. Occasionally one needs to check whether the intraday charts are updating. Biggest “news” is that Italian yields are falling and the 10 year yield is trading at 6,31, after people “cheer” Monti’s budget cuts. Now we just need to get the growth going…
Meanwhile investors are practically paying to park their money in Berlin. The Buba bill bid to cover came in at 3,8. People are once again thinking of the return of their money.
Dynamics of trading in this mornings session is lacking both volume and liquidity. Let’s wait for the US open. Meanwhile find some important charts below. We are approaching short term resistance levels, everywhere.Next focus should be oil...
SPX
NDX
Stoxx 50
MIB
Shanghai. Look out for that BIG possible break out....
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Agree, nothing matters anymore with regard to "historical norms"...throw out inflated P/E expecations, PEG ratios, currency stability, charting...all of it isn't worth a plug nickel when governments step in and throw trillions at problems...
Is this a Rorschach test? All I see are monsters...even if I flip the charts 180 degrees.
Technicals have not worked since March 2009 when the FED starting adding zeros to their account daily. If I could add zeros to my account each day, I could push the market in whatever direction I wanted. Nor would I have to worry about loosing money......... I'm just saying, short this market and let the FED hand you your head.
Done with trading anything more than a 2 point move. Make it and get out.
We have a winner...partially. Technicals do work these days, you just have to compress your timeframe. Intraday up to about 10 days works fine. Anything beyond that and we're in Berlusconi-land...where Berlusconi's farts determine the market direction, not those quaint historical artifacts like earnings, growth, market share...
When you've got heavily manipulated markets - courtesy of MOPE economics and the Plunge Protection Team, charts don't mean much.
At least on some occasions they're painting the charts to sucker the masses or make the politicians look good.