From Planet Yelnick:
China made a bold currency move Wednesday, and it barely registered in the West: it is encouraging the Yuan to be a reserve currency, to be used to settle transactions in and out of China, instead of the Dollar. For all those pundits and politicians pressuring China to float their currency, they just got their wish.
…
The Fed has become the biggest buyer of Treasuries, which has worried Bill Gross to ask the question: who buys Treasuries when the Fed exits?
From Safehaven.com:
As mentioned previously, the market moves in phases, and each phase completion is followed by a consolidation or correction. The Point & Figure chart is the best way to identify these phases, especially the periods of accumulation and distribution which precede them.
When the SPX made its low at 1249, it created an accumulation pattern from which four distinct “counts” can be derived. When each count is attained, a pull-back should take place – at a minimum! Each completed phase count is also capable of producing an important correction instead of a mere consolidation phase. On April 1, the SPX reached its first phase count of 1334 and, although it has slightly exceeded that price level, it has not been able to decisively continue its rally and is clearly making a consolidation pattern which could turn out to be only the beginning of a deeper correction. Some uncertainty is being created by the fact that the QQQ is relatively weaker than the SPX.
When this corrective behavior ends, it could result in an extension of the rally from 1249. Since we have no way of knowing ahead of time which scenario will play out, we need to wait for some clarification and next week’s action should give us some good clues about market direction.
On the weekly chart, the trends and momentum are strongly up. New yearly highs probable before any significant trend reversal down:
(Click on image for larger image)
From Safehaven.com:
Chart Analysis
We’ll start with SPX Daily Chart. The index found its correction low of 1249.05 on 3/16, and has been rising ever since. On Friday, it reached our first projection of 1334 and even went a little farther to 1337.85. If our interpretation of the theory is correct, we should now get a reversal and start a consolidation before moving on to the next projection ***. Does the bar chart below warn us that we have reached a short-term top? Not really. The indicators both made new highs on Friday, and SPX has not broken its short-term uptrend line. There is a slight deceleration in the indicators, but it would be wishful thinking to say, on this basis alone, that we are ready to pause in the uptrend.
*** For reasons that I won’t go into, it is possible that the SPX could extend its move to 1342-44 before starting its correction.
From Trader Feed:
A cardinal concept from behavioral finance is that we do not process information about risk, reward, and uncertainty in a purely objective manner.
A key idea in psychology is that you are less likely to fall prey to information-processing biases if you are fully aware of those biases.
Mon, 17 Jan 2011: MartinLutherKingDay
Mon, 21 Feb 2011: WashingtonsBirthday
Fri, 22 Apr 2011: GoodFriday
Mon, 30 May 2011: MemorialDay
Mon, 04 Jul 2011: IndependenceDay
Mon, 05 Sep 2011: LaborDay
Thu, 24 Nov 2011: Thanksgiving
Mon, 26 Dec 2011: Christmas (observed)
Fri, 01 Jan 2010: NewYearsDay
Mon, 18 Jan 2010: MartinLutherKingDay
Mon, 15 Feb 2010: WashingtonsBirthday
Fri, 02 Apr 2010: GoodFriday
Mon, 31 May 2010: MemorialDay
Mon, 05 Jul 2010: IndependenceDay (observed)
Mon, 06 Sep 2010: LaborDay
Thu, 25 Nov 2010: Thanksgiving
Fri, 24 Dec 2010: Christmas (observed)
Thu, 01 Jan 2009: NewYearsDay
Mon, 19 Jan 2009: MartinLutherKingDay
Mon, 16 Feb 2009: WashingtonsBirthday
Fri, 10 Apr 2009: GoodFriday
Mon, 25 May 2009: MemorialDay
Fri, 03 Jul 2009: IndependenceDay (observed)
Mon, 07 Sep 2009: LaborDay
Thu, 26 Nov 2009: Thanksgiving
Fri, 25 Dec 2009: Christmas
Tue, 01 Jan 2008: NewYearsDay
Mon, 21 Jan 2008: MartinLutherKingDay
Mon, 18 Feb 2008: WashingtonsBirthday
Fri, 21 Mar 2008: GoodFriday
Mon, 26 May 2008: MemorialDay
Fri, 04 Jul 2008: IndependenceDay
Mon, 01 Sep 2008: LaborDay
Thu, 27 Nov 2008: Thanksgiving
Thu, 25 Dec 2008: Christmas
Mon, 01 Jan 2007: NewYearsDay
Tue, 02 Jan 2007: DayOfMourning-GeraldFord
Mon, 15 Jan 2007: MartinLutherKingDay
Mon, 19 Feb 2007: WashingtonsBirthday
Fri, 06 Apr 2007: GoodFriday
Mon, 28 May 2007: MemorialDay
Wed, 04 Jul 2007: IndependenceDay
Mon, 03 Sep 2007: LaborDay
Thu, 22 Nov 2007: Thanksgiving
Tue, 25 Dec 2007: Christmas
Mon, 02 Jan 2006: NewYearsDay (observed)
Mon, 16 Jan 2006: MartinLutherKingDay
Mon, 20 Feb 2006: WashingtonsBirthday
Fri, 14 Apr 2006: GoodFriday
Mon, 29 May 2006: MemorialDay
Tue, 04 Jul 2006: IndependenceDay
Mon, 04 Sep 2006: LaborDay
Thu, 23 Nov 2006: Thanksgiving
Mon, 25 Dec 2006: Christmas
Mon, 17 Jan 2005: MartinLutherKingDay
Mon, 21 Feb 2005: WashingtonsBirthday
Fri, 25 Mar 2005: GoodFriday
Mon, 30 May 2005: MemorialDay
Mon, 04 Jul 2005: IndependenceDay
Mon, 05 Sep 2005: LaborDay
Thu, 24 Nov 2005: Thanksgiving
Mon, 26 Dec 2005: Christmas (observed)
Thu, 01 Jan 2004: NewYearsDay
Mon, 19 Jan 2004: MartinLutherKingDay
Mon, 16 Feb 2004: WashingtonsBirthday
Fri, 09 Apr 2004: GoodFriday
Mon, 31 May 2004: MemorialDay
Fri, 11 Jun 2004: PresidentialFuneral-RonaldReagan
Mon, 05 Jul 2004: IndependenceDay (observed)
Mon, 06 Sep 2004: LaborDay
Thu, 25 Nov 2004: Thanksgiving
Fri, 24 Dec 2004: Christmas (observed)
Wed, 01 Jan 2003: NewYearsDay
Mon, 20 Jan 2003: MartinLutherKingDay
Mon, 17 Feb 2003: WashingtonsBirthday
Fri, 18 Apr 2003: GoodFriday
Mon, 26 May 2003: MemorialDay
Fri, 04 Jul 2003: IndependenceDay
Mon, 01 Sep 2003: LaborDay
Thu, 27 Nov 2003: Thanksgiving
Thu, 25 Dec 2003: Christmas
Tue, 01 Jan 2002: NewYearsDay
Mon, 21 Jan 2002: MartinLutherKingDay
Mon, 18 Feb 2002: WashingtonsBirthday
Fri, 29 Mar 2002: GoodFriday
Mon, 27 May 2002: MemorialDay
Thu, 04 Jul 2002: IndependenceDay
Mon, 02 Sep 2002: LaborDay
Thu, 28 Nov 2002: Thanksgiving
Wed, 25 Dec 2002: Christmas
Mon, 01 Jan 2001: NewYearsDay
Mon, 15 Jan 2001: MartinLutherKingDay
Mon, 19 Feb 2001: WashingtonsBirthday
Fri, 13 Apr 2001: GoodFriday
Mon, 28 May 2001: MemorialDay
Wed, 04 Jul 2001: IndependenceDay
Mon, 03 Sep 2001: LaborDay
Tue, 11 Sep 2001: WorldTradeCenterEvent
Wed, 12 Sep 2001: WorldTradeCenterEvent
Thu, 13 Sep 2001: WorldTradeCenterEvent
Fri, 14 Sep 2001: WorldTradeCenterEvent
Thu, 22 Nov 2001: Thanksgiving
Tue, 25 Dec 2001: Christmas
Strategesis 