Mr. Scott's Crayon Thread

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GU, GJ got them too.....

Holy Haberdashery

re-test 382?

Guess I'm Greek to. Never new.

Like the 2618 area Scott.

GN Same.

Just a thought EG.

Ha ha

Just one more...I like the w23 high for the bastardo move.

Nice setup Ben.

Thought I better post one myself.

Couple of great Aussie artists. Mark Seymour and James Raine.

And the original

Mark Seymour & Jimmy Barnes

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Nice to see some tunes and pop culture interspersed with the charts here.

The three of us had the level. I'm not long yet though and think you would have to trade into the news to get long on this one maybe. Who nows what BOJ will say.

A thought if it plays out.

Always get another shot with NC. Looking to sell into 60 - 78%

Out of position in Gold by 100 at the moment.

Largest volume for the month traded yesterday 413k, looooot of volume! so waiting to see where we close this week.

Maybe another disappointment from BOJ

There is no 10 trillion yen stimulus (link)
There was a leak story in the Nikkei today (July 26) on the economic stimulus plan to be unveiled in early August. It is the stimulus Prime Minister Abe spoke of in the immediate aftermath of the Upper House election on July 10. The stimulus was supposed to exceed 10 trillion yen, 2% of Japan’s GDP. You can read more details in the Nikkei, but according to the article, the stimulus to be included in the FY2016 supplementary budget will now be around 2 trillion yen, the bulk of which will be spent on old fashioned public works. The economic effect of the stimulus, defined as a “net increase in fiscal spending”, will be even smaller. Some part of the supplementary budget will be financed through savings from the main budget, in effect reallocating spending alraedy budgeted in the 2016 main budget. The headline of the Nikkei article talks about “doubling to 6 trillion yen”, but it is rather misleading. If you read the article, you will quickly realize that the 6 trillion is the amount that will be spent over the next few years, and it includes the amount that would have been in the main budget for 2017 regardless. So, there you are. There is no 10 trillion yen fiscal stimulus. We would assess the net economic effects from the stimulus to the quite limited, parhaps 0.2% to GDP.

Where does it leave the BoJ? There are two ways to think about it. If one believes that a coordinated fiscal and monetary expansion is an essential ingredient to reflating Japan, the BoJ’s additional monetary easing will have limited effects now that there is virtually no fiscal stimulus. On the other hand, one could argue that the BoJ should do more in the absence of a fiscal stimulus. If the BoJ leans toward the latter argument, the BoJ may feel obliged to ease drastically this Friday. Which course will the BoJ choose?

In our view, the BoJ is probably leaning toward the former. The Abenomics had a good start in 2013 as there was a combined fiscal and monetary expansion. The public work rose by 8% in 2013.

Possible short setup A/J

Yen - 10 year note - Just a pullback?