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Archive for March, 2010
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March 31, 2010

Greece-ing the Skids. Wednesday, Mar. 31, 2010

by gmak

What if you threw a party and no one came? Greece, hot off of the moderately successful EUR$5 billion of 7-year notes, tried to place another EUR$1 billion with a 12-year tenor. Only 40% was placed (EUR$400 mm). Is this because of Greece default risk, the tenor /rate versus inflation expectations, or EUR risk? Now they plan a USD bond to try to raise $16 billion by the end of May. Tick. Tock.

Therein lies the rub. There are three strikes against the issue – and thank goodness that the bond vigilantes are pitching again – and Plan ‘B’ can’t be that good or it would have been Plan ‘A’.

Meanwhile, Citi has gone into [...]

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March 30, 2010

Living Inside a Broken Clock: Tuesday, Mar. 30, 2010

by gmak

The market can go up from here, or it can go down from here. SPX will do both – the question is how much and over what time frame. We are close enough to see how threadbare the financial weave really is, but do not kid yourselves, the Central Banks of the world will do anything they can to keep the liquidity flowing – within the framework of what they think is “just to the edge, but not over”.  They can’t all be right about where that point resides. I feel like I am watching stoned skate boarders attempting ever more difficult stunts – pushing the edge of the envelope, so to speak – until of course one of them exceeds their own [...]

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March 30, 2010

Symbols: Late Night Goodies

Here are two late night goodie for you guys:

CF looks pretty shot to hell to me – long position and I’ll set a stop below those two trend lines.

CHK is about to run off it seems – do not chase it. Only grab it if it drops below 23 tomorrow or on Wednesday. If it does set a step roughly where I am pointing here.

The story is on the chart – FSLR looks like it’s ready to get its ass whopped again. Short with a tight stop as it doesn’t look very clean on my momo indicators.



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March 29, 2010

Are We There Yet?

I know what you are thinking – how much further can this thing go? Should I cover here or is SPX 1200 in the cards? Well, it’s time to take a look at our medium term wave count:

This third wave just keeps sub-dividing – I’m not even going to try to count this thing on less than a Minor degree level. Either wave {3} completed on Friday or we are heading for 1210ish. 1195 is highlighed as it’s a 161.8% fib extension but would the bulls really have 1200 in their sight and not try to push beyond it?

It’s probably smart to take at least partial profits if you’re on the long side – you had a great run – congrats to [...]

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