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Should we expect more of the same in Day Two, 2010 trading? From a strict momentum standpoint, one would expect some follow through from yesterday’s move, despite the fact that it was a relatively “bleh” volume day, considering the move. And as you can see, we still have some room to go to retouch our [[VIX]] support line mentioned this weekend:
On the other hand, the dollar dropped precipitously yesterday (take a look at the move on the Relative Strength Index (RSI)).
If that continues, all bets are off, and we may be on our way to another devaluation based run-up. Note, however, that we bounced off the 20-day EMA and filled a gap yesterday. As I’d mentioned, if we stay above the $2.90-ish area, then I think the dollar strength story is still in play.
If not, and the dollar continues to depreciate (as it must under this kind of pressure) then our one solace is the Year 2010 picks will be cracking as much as they were yesterday.
Semi-much to my chagrin, as I expected to pick them all up a lot cheaper. All, that is, except [[TBT]] , which I think may experience further strengthening, no matter what kind of equity market we see going forward:
TBT’s off about one percent as I type, so it may be a nice time to dip your beak, so to speak, with an easy stop below the 200-day EMA ($49.30) or even better, the 20-day EMA ($48.90).
Good luck to ye all.
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Hatch Show tribute, eh?
A few years back, I commissioned Jim Sherradan/Hatch to make something for my family. He made a 4 part series for us. My piece(s) were the 5th-8th in this style, a departure from his poster style. I’ll send you a pic.
Yeah, I thought you’d like this…
This image was completely serendipitous… sometimes I just put a phrase in “google image” and see what comes up. In this case it was “Second day image.”
Odd, no?
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Jake this is the style of the pieces I commissioned. I provided Jim with words important to our family (names, locations, etc.) and he did four dry block imprints and hand/block inked them. Each has the same words but completely different ink treatment. I want one for my office but my wife wont take them off the wall! A custom piece now runs about $3k/per.
https://store.countrymusichalloffame.com/products.php?product=Alphabet-Brayered–
That’s some cool stuff. I like the old posters… Bill Monroe, Cab Calloway, Elvis, etc.
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Just pulled from the iBC Tradebot News…
I had some friends go to work for this guy when his firm was still called “Thomas H. Lee & Co.” back in the early nineties. I did not know that he was now in New York (he used to be in Boston overlooking the Harbor), but check out the giganto hubris embedded in his new firm name…. almost like he’s saying…
Yeah, as a mattah of fact, I AM Gordon freakin’ Gekko!
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BUD FOX: Bluestar. Put *all* your clients in it.
Blue Horse Shoe loves Anacott Steel.
Looking forward to ‘Wall Street 2’.
Hehe, who did the artwork, The Fabulous Furry Freak Brothers (or Gilbert Shelton)?
Canada takes a piss in the ocean, or maybe its just another nail in the coffin? 52% to go!
Well, presumably Canada is not doing this bond issue because they think the Euro will appreciate against the loonie, right? In fact, quite the opposite. Sell bonds in higher value Euros now, pay them back in lower value Euros later.
Reserve currency status aside, it’s a vote for a strenghening dollar. I had a conversation with Ozzie J the currency trader this morning, and I think he’d concur that the only hope for the dollar is the relative shit-worthiness of the Euro and Yen.
If I’m you, I’m staying in Loonie Tunes.
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“If I’m you, I’m staying in Loonie Tunes.”
For some reason I hesitate to agree… but I do.
On a long enough timeline all FIATs are doomed, anyway. At least relative to PM’s/hard assets. Just some at a rate that is exponential compared to others. I linked that article more to point out the general sentiment that seems to be rapidly developing towards the world’s current favourite, but falling from grace, reserve currency.
But the Canucks’ move proves opposite. Why borrow in Euros if you think the Euro will appreciate vs. the Loonie and/or dollar?
What I find interesting is that if it were the States about to issue bonds in another currency you would have folks like ‘Doom Doom’ Denninger all afrothing about the end of the US Peso however, Canadian markets took it with a sort of ho-hum attitude.
Jake, I remember you were buying lots of S&P puts back in December in anticipation of a pullback. Are you still holding onto those?
Rolled them for a tax loss at YE December into March 114’s (SPYOJ’s) at about $5.10. Figured I could use a little more time.
If I didn’t report that here, I apologize, but I did announce in the PPT. Also took the hit on the TZA position but bot 10k BGZ the next day.
Continue to believe a sell off is a matter of time, in stocks at least…
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OK great. Thanks for the update for us poor, non-PPT saps :).
Any opinion on PMs. SLV gapped above the 20-day MA yesterday and is being rejected by the 50 right now.
As I mentioned w. my dollar thesis, I think all the commodities will take at least a small bath when the dollar strengthens again…
IF the dollar strengthens again (again, this is my thesis).
I think SLV will likely see $16-ish again, but if you buy here, I don’t think you will be disappointed six months from now.
I still have an ess-tonne of it, fwiw. Sold about 1/2 back in the December peaking time.
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Employment numbers this Friday…
I’m sure they’ll be horsed.
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Similiar to Chinese accounting.
Via abacus?
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