Wednesday, November 9, 2011


12:36 pm (Hawaii) Getting a lot of work done early in the day now that I'm not obsessing over a schizoid market. Yesterday, Italy's chief announced he would step down under conditional terms and the market zoomed. Today, Italy bonds get out of control (again) and the Dow loses 389 points (3.2%). The action was not gray area at all. AAPL sank 2.7% to 395. Financials were fugly.

BAC -5.2% to 6.19, WFC -5.4%, AIG -6.3%, IRE -6.5%, NBG -6.8%, JPM -7.2%, UBS -7.7%, C -8%, STD -8.2%, GS 8.2%, BBVA -8.3%, MS -8.7%, HBC -9.1%, ETFC -9.4%, JEF -10.4%, RBS -11.1%, DB -11.2%.

FAS shrank 14.8%. FAZ went from 39 yesterday to 43+ today with very little selloff into the close. In fact, after I got up, it dropped below 43 to the mid-42s, then ran up above 43.50. On big volume. If you're like me, you know AAPL leads the retail market, and AAPL's selloff today on large volume with that hanging man candle looks simply horrible.

Technicals do not tell us what's going to happen, and they are the mercy of headline risk. But they do provide a visual into the global monetary chaos, and what a friggin mess.

Below, some charts and that includes TVIX, which was up 37% freaking percent! I remain in the bleachers sipping a hot cocoa, cash under the mattress.

FAZ daily
No matter how much weight the banksters have behind their
punch, they can't find resolution to the toxic assets near and far.

FAZ daily
Major move today on heavy volume but I suspect this stays in a 
range between 36 and 44. A break above 44 would tempt.

FAS daily
The breakout momentum was doused today but volume
was not totally indicative of a definite avalanche.

FAS daily
Big move post-pennant? I should've said moves, as in plural!

DGP daily
Down 1.7% today, which makes no sense considering the
mega-printing of fiat that is due globally. Soon.

AAPL daily
One hell of an ugly candle.  

AAPL daily
The move lower was on significant volume.

UUP daily
Mad US dollar!

TVIX daily
37% in one day? This closed at 46.04 yesterday.

TVIX daily
The Italian-German-French-Greek soap opera continues in 
As The Euro Central Bank Turns. Tomorrow's episode: 
Happy bedroom talk resumes and TVIX loses half of
today's enormous gain. 

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