Dick Lexic
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toss a coin?
Yes you have to read bull and bear alike, but Nick McDonald is only interested in technicals and believes that the fundementals are already priced in to the chart. I followed John Mauldin for a while. I remember he was very bearish a couple of years ago and said expect a big sell off in May. It never happened.
And as for the Nasdaq, it is testing the highs and usually leads any recovery. So that you could say is bullish.
Yes today should be a buy day. They've taken it down. Let's see if they take it up after the German ZEW.
My comments in my notebook for the ZEW:
Tends to range between 9:30am and 10am prior to release. Normally has a lot of price action movement prior to 9:30am. After 10am, usually good for another 30 pts till 11am. There is usually a small spike on the number at 10am.
Just nice to have a better morning for price action. An up and a down trend with several nice pullback entries.
Dick Lexic
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DaddyJohn
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Eurostoxx and Dax far more bearish than FTSE... Bunds have rocketed putting in another Z day.. I think Oil is keeping ftse higher.. there is a WTI option expiry this afternoon,, which is perhaps keeping oil higher than it should... this is definitley one of the problems with trading FTSE.. bloody oil ...
Dick Lexic
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So much for the buying. Now looking at fib extension levels for the ES. 127% at 1240.46. 161.8% at 1236.55.
Dick Lexic
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watch out 62 might be a tigger ( bouncy wouncy ) 🙂
Dick Lexic
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tails you win
Dick Lexic
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blimey ...looks like fibs all over the place ftse hourly chart at 61.8%
There's still time for those ones, but for now we have a trendline bounce on the 1 hr chart. I don't usually put trend lines on the 1 hr chart, because you don't always get a long enough trend to give you enough line touches for a decent line. I was expecting the ES to make it to 200% after it passed 161.8%, but it bounced off the trendline before that.
Walmart's earnings will be what our yankee friends care about right now. Most americans don't know where Italy or Greece are on a map, but they know where their nearest Walmart is. Walmart missed by a penny but guided higher. All we need are reasonable retail numbers at 1:30pm, and the yanks will go on another shopping spree.
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Dick Lexic
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think the bulls need to pick it up or dump it here
Martin does your charting package draw those trend lines?
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Dick Lexic
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looks like the bulls are still interested 🙂
ha just as i was about to give the wife a bear hug😆
No Mark. Those trend lines are drawn by little old me. I don't think OEC do an automated trendline function, but ProReal Charts do if you want to spend about £35 per month.
Yes with PRT its much easier. I use the prorealtrend it to see if i am missing anything. Autochartist.com is pretty goog too.
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We just tested the trendline again. It bounced off it, retraced a little and then broke just above it. The FTSE completed its 127% extension and then didn't want to go back and test the high. Let's see what it does at about 3:05pm, after the data has settled in. My gut feeling tells me it will keep going up, but won't know until it does.
