Friday, September 16, 2011

Weekend cinema & library (updated Sun 200 pm HST)

2:20 pm (Hawaii) Geithner wasn't well received, apparently, in his "visit" to Poland. Guess nobody likes taking financial advice from American ponzi artists — not that Geithner invented the scheme. He's just another part of the machine.

10:20 am The FAZ chart never fails to intrigue my feeble mind.

• The last time FAZ had five down days in a row was June 27 to July 1. Price went from 50.79 (intraday high) to 42.06 (intraday low), a decline of 17.2%.

• Since then, price has been often volatile. The biggest declines: 81.50 (Aug 9) to 54.70 (Aug 12), -32.9%; 73.87 (Aug 23) to 50.10 (Aug 31), -32.2%; 66.84 (Sept 6) to 54.65 (Sept 7), -18.2%. (These are intraday prices.)

• The current fall from 66.81 (Sept 12) to 53.40 (today, after hours) is a 20% drop, right on the nose.

If FAZ needs to go to the lower trendline, that would be roughly 52. It already touched 52.12 earlier today and bounced a bit, running to 55.87 intraday. But there's no conviction by bears or bulls in the finnies right now. FAZ is meandering in this range. Again, if the world believed in the EU and the FED with any sense of conviction, FAZ would be well below 50 and back to early summer levels as low as 40.

Interesting how it trades occasionally. The 1-min chart showed yesterday a clear ceiling at around 57.70 that lasted several minutes. Right now (10:33 am Hawaii), it has stayed above 53.40 since the close (33 minutes ago), with the closing price for each minute at exactly 53.40 (while price goes as high as 53.83 in between). So there has to be a seller or buyer playing this area with a clear line across the sand at that price. Why? No idea. That's just what I'm looking at. Then again it's afterhours trading and volume is extremely thin.

As an ETF/ETN, FAZ is clearly at the whim of all these external factors and headline risks. It's really not an ideal thing to chart. But it's fun, keeps my eyes wide open and offers different perspectives as I watch and wait. Maybe I scale a little bit in here. Maybe I don't. Wait for that softball toss and delivering a home run swing would mean waiting for 50. Or 40.

Or maybe if FAZ breaks this trendline lower, all bets should be off and the market makes a huge rally based on a diet of cotton candy, whopper balls and big gulp sodas. Yeah. That'll last.

10:45 am Hawaii time, FAZ to bounce or break?

(new) Le Fly: Futures open substantially lower (Sept 18)
(new) Zero Hedge: DSK says Greece is done (Sept 18)
(new) Peter Tchir: Is Sept 20 Greek default day? (Sept 17)
(new) SGS: Chart of the month: AMZN (Sept 17)
(new) SGS: COT report, FOMC (Sept 17)
Dan Norcini: HUI bounces from key support level (Sept 16)
Harvey Organ: Gold, silver rebound as expected (Sept 16)
> Huge news on silver fraud case against JPMorgan
Jesse's Cafe Americain: Antics abounding (Sept 16)
Zero Hedge: Forget Operation Twist (Sept 16)
> David Rosenberg says Bernanke will shock everyone
Zero Hedge/Brandon Smith: Is China ready to pull the plug? (Sept 16)
Turd Ferguson: (am) Macro (Sept 16)
King World News: Rick Rule: Silver default possible (Sept 16)
Reggie Middleton: Another RIMM job? (Sept 16)
Morris Hubbartt: Fall 2011: Gold breakout season? (Sept 16)

Yeeeeah! Brother Jim read my comment! (10:05)

SilverCircleMovie: Guest John Schaffer (Sept 16)
BrotherJohnF: Silver update - Correction (Sept 16)
Hit the Bid: Friday is huge (Sept 16)
ScrapGoldBusiness: Gun and ammo sales go ballistic! (Sept 16)
Casey Research: American Debt Crisis - After Hours (Sept 16)
(new) Alex Jones: USB rogue trader, guest Max Keiser (Sept 15)
(new) Alex Schaefer: Protest (July 1)

King World News: Weekly metals wrap (Sept 17)
King World News: Guest Stephen Leeb (Sept 15)
King World News: Guest Michael Pento (Sept 15)
Kerry Lutz: Guest Robert Ian (Sept 15)
Financial Survival: Guest Bob Chapman (Sept 15)

Blog commentary
DarkPurpleHaze: Fried eggs (Sept 16)
> I agree with DPH that whatever Bernanke unveils next week, China will not be happy. If it's a bigass, unprecedented QE bomb, China will counter accordingly. In other words, timing is key in the paper trade. Price matters. Obsessing over price action? Unnecessary. I'm sticking to price levels no matter what the yakkers say on TV.

spiral_eyes: Shouldn't we be thanking Blythe? (Sept 16)
Economical Disaster: We are fast approaching... (Sept 16)

(new) International Business Times: Facebook teams up with Twitter (Sept 18)
(video) International Business Times: Gold, silver end week with strong gains (Sept 16)
(video) CNBC: Fallout from Euro solution delay? (Sept 16)
(video) Reuters: Nasdaq posts best week in 2 years (Sept 16)
(video) Fox: Peter Schiff - Fined for hiring too many people (Sept 16)
(video) CNBC: Credit markets waving a red flag? (Sept 15)

Metal bling
BullionCatalogue: Silver - Australian Koala - 2011 - 1 oz (Sept 16)
> They've raised the per-household limit to 5 coins from 1. Is US Mint concerned that silver price may decline soon?

Eye candy
Alex Schaefer: Pasadena plein air (Sept 13)
PanicPoints: Tatiana Swidin Miss Reef Peru (Mar 5)
CHV: Miss Reef show it all (Nov 30 2010)
atatakech: Miss Reef Bikini 2010 (Oct 23 2010)
Reef Entertainment: 2011 Miss Reef Calendar (Sept 30 2010)
> Filmed in Panama
PanicPoints: Romina Cisneros at Miss Reef (July 18 2010)
Reef Entertainment: 2010 Miss Reef Calendar Spot #3 (Jan 26 2010)
> Filmed in Brazil
Reef Entertainment: 2010 Miss Reef Calendar Spot #2 (Jan 26 2010)
> Filmed in Brazil

NFL yadayada

Bankster art
3-year, weekly




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