No confirmed quarterlies here...the number line comments were strictly pertaining the the short-term(3-5 days). But yea well see, some key levels, also interesting to note FXI is near its Aup for the month. Money flowing into China, yep kinda lol
This market looks like total shit right now. Here is how I look at QTR A levels. I have always said on here that they serve very little purpose except to mark the end of long term trends and call the bottoms in corrections. So far, that is what they have done. However, the number lines look like total crap and the price action is awful. If you put a gun to my head and told me to guess, I say the s&p 500 touches 1300 in weeks. And honestly, I'm not ruling 1260 out. Why 1260? Because that is unched on the year. That level will be a huge magnet. Having said that, I'm pretty bullish the 2nd half of the year. I think we could touch 1500 by years end.
http://blogs.reuters.com/felix-salmon/2012/04/19/counterparties-spanish-bond-yields-relief/ This info is everywhere and most is well known. Click on the "bad loans" link. That is interesting. It will matter when it matters I guess. EWP and Spanish banks are grinding down each day.
I have to say this again, the market is acting like shit. Today's price action was god awful. Pop on the open then sell them hard the rest of the day. Energy, financials, semis, tech and obviously AAPL looks like it's about to get cut in half. Personally I think AAPL will get down to 525 to 550. These number lines are awful and they have really been a great tell. Meanwhile, the reits have been unstoppable. SPG, ESS and AVB all made new highs today.
Here is an update on the Yen race. I'm attaching a comparison chart of the 6 main yen pairs from the Feb 10th breakout. In the lead now is GBP/JPY with a 7.50% return. In last place is AUD/JPY which got hit on the broad market sell off. CHF/JPY is tied for 2nd at 6% return.
Here is the comparison between only CHF/JPY and USD/JPY. As you can see, the swissy is still outperforming by 100 basis pts.
All the Yen pairs bounced off their Quarterly A downs to the pip! As I've mentioned before, the QTR levels are great for marking the swing lows in corrections. They also are great for showing the end of long term trends. I've attached the CHF/JPY chart for your enjoyment.
Here was my post back on April 9th. I mentioned that the QTR A down would be a reasonable target and sure enough, here we are. I also mentioned that QTR levels tend to mark the end of long term trends. That is not to say THIS Qtr level is the one but it's a reasonable entry here for a bottom picker with a tight stop. With a possible add on a weekly A up, adding into strength.