06/09/2012 Weekend Discussion

[Mr. BachNut]

The Market is truly a beautiful thing.
Friday rallied to right below Thursday's high and a little below the May 29 high, a perfect pain point for the weekend news good or bad.

There should be buy stops just above those highs for both covering shorts as well as folks buying the new high.
So, this is tonight's futures trade and should be the morning's business.

It should real interesting then because this thing should get into overbought territory.
The McClellan looks like it could reach the thin air tomorrow.
So, we will learn a lot from what follows.
If overbought just marches and gets more overbought, we got a strong bull.
If we get a pop and drop not so much.

[TraderGirl]

I think what might be interesting is treasuries...the pattern on TLT says we could see a big sell-off...TMV/TBT could be a big beneficiary, with positive divergences...

But the pattern in TLT says we could go into risk on mode with commodities entering into a bull market, an announcement of QE would seal the deal...the equities market looks ripe for a blow off top IMV...

But I don't think that is the end of treasury bull...cycles and astro's and our economic environment say we need to see another serious correction in the markets...and when we get there, we could potentially see the lowest interest rates for the next 30 years..,??

[gappy]

GLD (short term) is in a moderate “buy mode”…but still coiling inside the territory of a previous gap: undecided, but on close some smart cookies bought it on higher vol.
Maybe those same guys were considering that the Spanish fandango move predicts stronger euro => lower US$ => gold UP…
However, longer term, a dilution of the Euro is inevitable…To that, add the gold assets that the Olives-Producing-Europe will have to present as collaterals to the ECB. When those gold bars will hit the market, I will be already short gold…

When the 20 ema crosses down thru the 80 weekly ema in the price of gold, that could get interesting. Also, every silver gap up recently has been met with selling into strength across all world markets.

[rpccharts]

Hello weekender, everything is up, the bottom process is here, but $RHNYA didn't give me the look I am looking for. so, side ways action to continue a little longer I think. and Friday, that little thing was pointing down that makes you go Hmm....

Nice chart BB!! I don't think we have bottomed yet...we haven't hit the Uranus square to Pluto on June 24, wait until that comes...then we will probably see a bottom soon thereafter....IMHO...

Thnx TG, what do you make of this?

I think of this:

[pezhead9000]

7:30 am est: @zerohedge: S&P Futures Erase Half of Overnight Gain, Up 7pts to 1329

[OverUnder]

The phrase "sell the news" comes to mind. Every other bailout resulted in about a one day pop, and in this case we've had a huge runup based on its well-broadcast anticipation.