Thursday, September 29, 2011

Morning Post 09/29/11, USD, AUD, EUR, JPY, Gold, Silver, Oil, SPX, DOW, Copper

I guess you could assume a rise in GDP and a much better than expected jobs number  would have been dealt by the dealer with the loaded shoe this morning given all the surrounding economic data. How GDP ticks up I have no clue, but one thing is for sure, the economists will have overestimated (as they always do) and the slide will continue sooner than later. As for the jobs number, other than the fact a -391 print is still nothing to crow about, you had to assume they were saving this "surprise" for a key moment when most needed.

Another EFSF vote and more hope. Nothing is stable here or across the pond. The EU issues have been a marvelous distraction from all the issues here at home.

Last night I went ape on the system and all the oppression and spying going down. We are being stripped of our freedoms. I suggest you read this - Shanky's Technical Analysis and Market Commentary: Afternoon Delight 09/28/11 Mini Rant 

Let's have a chartfest shall we! Take note of how many channels are in play across all the charts.

Gold - Pretty sure I noted the 1571 level and all the support there. STB is pretty solid on $1500 being as bad as it gets (for now - if it even gets there).

Silver - STB noted that long term green support diagonal would be as bad as it gets (for now).

AUD/JPY - Clearly at long term support that STB noted.

EUR/USD - Made STB first target of 135, next 125 then 116.

Dollar - Stopped at the weekly 200ma.

Oil - Busted LT rising channel and headed to LT s/r line. Anything below $85 and the Saudis go ape shit.

Copper - Not good.

SPX 60m - This is a chart I have been toying with - Just looking for trends inside the range.

SPX - falling wedge that was underthrowing that I was discussing late yesterday.

Minis - 1178 has been the barometer for hot or cold. Just watch that number. Possible orange channel. I'll refer to this chart in the comments below as the day goes and update if necessary. UPDATED 12:00

Minis 1m with VWAP - UPDATED 12:00

GL and GB.

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