Dow 2006

[kriesau]

Thank you FC, I definitely need it (the luck, that is) maybe one day we'll find out who was doing all this buying and why, day after day, week after week, month after month, we get these pre-market spikes in the futures that drag the cash market with them, it must be some massive hedge funds, they are the only ones with the financial muscle (apart from arab oil money and China, but if they were behind the buying it would have leaked by now).

Mark - PPT.

I think the Fed underestimated the length and extent of this rally after the rate hike pause and that they are currently trying to orchestrate a soft and orderly downturn in the market rather than see a sudden and dramatic May type drop. They are going to have to take their foot off the accelerator very soon otherwise they could pre-empt exactly what they are seeking to avoid !

 

[karmit]

I've closed my short positions today... quite painful...

BUT

I'm going to make it up.. this time I'm going to do it slowly... pound by pound... back to basics (and books)

Learnt a very good lesson. No point being a bear or bull. While trading you should have NO opinion!

 

[mark twain uk]

The theory that the Fed / government are behind this rally has been put forward, but with the election out of the way I cannot see that still being the case. It's got to be the momentum traders squeezing the last drops out of this rally and one day they will stop buying and start selling, and then will have the mother of all thumps

 

[mark twain uk]

I believe that a correction will start sometime between today and Tuesday next week, maybe the option expiry will be the signal, maybe the 17 November, it has to give way, it is way too overstretched

 

[FetteredChinos]

and because it is overstretched is the reason it keeps going..

people shorting it all the way up, then as their stops get taken out, it moves it up further.. and so on.

basic description, but you only have to look at the majority of posts on here, or elitetrader so see countless posters trying to call the top.. still plenty more upside to go..

plus its also the year-end rally, thanksgiving rally, santa claus rally all rolled into one..

until we get lower highs on the longer time frames, then im favouring longs.. and it could be for some time..

did you know that the a large chunk of bear markets occur in years ending in 0,1 or 2?

the market has made all its gains in the other years of the decades..

interesting little fact for you guys..

 

[karmit]

I don't think I care anymore... I'm into scalping now... bit by bit... slowly....

 

[karmit]

Folks,

Does anybody know any good links for "scalping" DOW ?

Thanks in advance

 

[mark twain uk]

I am not expecting a huge correction, but at least 200 points is needed, if only to set up a bear trap and carry on North from there, I still think we'll see this very shortly

 

[karmit]

Entered short 11285, stop 11310, limit 11260

 

[mark twain uk]

With the Nov. contracts expiring tonight and being settled tomorrow, there will either be little movement, should the price already be where "they" wanted it, or even more volatility at the close tonight and at the open tomorrow morning. Not very helpful for trading, just a thought.

 

[frugi]

Don't most stock, index and index ETF options expire at the close tomorrow?

 

[mark twain uk]

I think they close tonight and are settled tomorrow, I don't do options so I don't know exactly

 

[Atilla]

Hi chaps,

I'm still shorting the SPX but watching it. Recovered two thirds of mornings loss.

I'll be looking to throw the towel in past 1405 someplace. I thought the battle would be around 1400 always is. Money to be made once a band is established.

Mark, how you doing mate? I thought your seven short trades were ambitious but didn't want to take the wind away from your wings...

Gold was a shock though. Luckilly I closed my position last night.

One last comment. I wouldn't go long in this market. I'd sit and watch for the top. Using weekly and daily charts waiting for the reversal.

Global warming has affected the markets. I'm sure waiting for that big melt down...

I've closed my short positions today... quite painful...

BUT

I'm going to make it up.. this time I'm going to do it slowly... pound by pound... back to basics (and books)

Learnt a very good lesson. No point being a bear or bull. While trading you should have NO opinion!

 

[karmit]

Entered short 11285, stop 11310, limit 11260

Out at 65... not too keen on keeping positions open too long now....

 

[mark twain uk]

Hi chaps,

Mark, how you doing mate? I thought your seven short trades were ambitious but didn't want to take the wind away from your wings...QUOTE]

I am still here, still short on all markets, added at the top and closed on the way down, so recouped about half of the losses made today by the shorts still open, I will hold until Monday or Tuesday awaiting for a correction.

 

[kriesau]

Gold back to circa $624.
Oil remains below $59
Nothing to really spook the sideways market so far today.

Recently there have been sharp spike ups around midday or just after lunch between 2.00 - 2.30pm. Interesting to see if this happens again today !

 

[mark twain uk]

PPT brigade in action, the linear rise is the sign of a buying programme being activated

 

[catracho]

this market is like the run up in 2000 (then led by Nasdaq) now led by DOW; Like FC said, the short sellers are feeding the bulls, but this self perpetuating rally will end one day!! Remember in 2000 eveybody was looking for reasons why there wouldn't be a correction; anal ysts everywhere were raising earnings fcasts, people chasing FRance Telecom at €115 (now around €20);
get some gold coins, watch the liquidity driven madness and every so often test the mkt with some shorts...!

 

[karmit]

Short - 11289, Stop - 11310, Limit - 11274

 

[Racer]

If you bears wanted a market to short you should have been watching the Nikkei!