Electonic Money The Real Conspiracy
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Saturday, June 2, 2012
LISTEN NOW – Lost Confidence, Stocks to Plunge 20-30%, Fed, Inflation & More, Rob Arnott
from KingWorldNews:
U.S. Steel Has Further to Fall Double-top and heavy selling tell us there’s more downside ahead.
United States Steel Corp. (NYSE:X) — This manufacturer of steel plate, tubular products, etc., is dependent upon a strong world economy for its success. It is one of the largest integrated steel flat-roll producers in Central Europe.
On March 2, with the stock at $27.50, I said, “Technically a channel rally that began in October failed to penetrate its bearish resistance line in February. That failure drove the stock below its 50-day moving average and threatens to break it below the channel’s support line at $27.”
Instead of breaking lower, X rallied to above $30, then reversed and violated its 50-day moving average.
Those who sold or shorted should hold their bearish positions since the double-top and heavy selling are telling us that the stock could fall to the mid-teens.
Ancestry.com Inc. (NasdaqGS: ACOM)
Ancestry.com Inc. is an online family history resource, with approximately 1.7 million paying subscribers worldwide as of December 31, 2011. The company's subscribers use its Web-based services and content collection to research their family histories, build their family trees, collaborate with other subscribers, upload their own records and publish and share their stories. Registered users have uploaded over 95 million pieces of content, such as photographs and scanned documents. It derives revenue primarily from providing online access to digitized historical records on a subscription basis. During the year ended December 31, 2011, the company introduced Fold3.com, as its Website specializing in military records; released mobile apps for both the iOS and Android-based platforms and it had approximately 1.8 million downloads, and developed technology to synchronize family trees between platforms, including online, mobile devices and Family Tree Maker desktop software.
To analyze Ancestry's stock for potential trading opportunities, please take a look at the 1-year chart of ACOM (Ancestry.com, Inc.) below with my added notations:
Over the last (9) months, ACOM has formed a strong support level at $21 (red). Starting in September of 2011, ACOM has tested that $21 level on (4) different occasions. In addition, ACOM has created an important level at $25, both as support (green) in May and a resistance (navy) several times since last October. The stock is currently pulling back to the $21 support.
The Tale of the Tape: ACOM is currently trading between its $21 and $25 price levels. A long position could be entered on a pullback to $21 or on a break above $25 with a stop placed below the level of entry. However, if you are bearish on the stock or overall market, a short trade could be made on a break below the $21 level.
COT – Funds High Short Positions Major Rally Fuel for Gold, Silver
from Got Gold Report:
Absent a total global “Charlie Foxtrot” (a military term meaning a really bad event) the COT suggests that dips for gold and silver should be exceedingly well bid just ahead. Indeed, the structure of the COT is about as bullish as we have seen it for silver futures.
Russian ruble hits lowest in over 3 years
Russia's currency, the ruble, on Friday dropped for the eighth straight day to reach its lowest level since April 2009 as it tracked the falling price of crude oil — a key source of revenue for the country.
The ruble fell 1.4 percent to 33.9 rubles against the U.S. dollar in early trading on the MICEX exchange. It lost 2.2 percent on Thursday and over 6 percent this week.
The currency's fate is closely linked to the price of a crude oil contract called the Urals blend, a benchmark for the oil Russia exports. The price of Urals blend has fallen than 5 percent this week and was down another 0.4 percent at $99.4 on Friday. (more)
Friday, June 1, 2012
Margin Call? JP Morgan Sells $25 Billion in Securities to Offset Derivatives Losses
from Silver Doctors:
If it was merely an effort to prop up earnings for JPM’s Q2 report we would agree, but this is more likely JP Morgan LIQUIDATING CAPITAL TO MEET MASSIVE MARGIN CALLS OVER ITS ESCALATING INTEREST RATE SWAP LOSSES, which we have discussed are reportedly close to $100 Billion. Bankers are not fools, throwing good money after bad. If JPM sold $25 billion in profitable positions, it is because IT WAS FORCED TO.
JPMorgan Chase has sold an estimated $25 billion of profitable securities in an effort to prop up earnings after suffering trading losses tied to the bank’s now-infamous “London Whale,” compounding the cost of those trades.
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