Dow 2007

Bearish signals appearing on my volume indicators, more so the Nasdaq. Price doesn't look bearish though, far from it.

Monday for me is still a buy day, i'll be looking for momentum to take the markets up, Dow should reach 700, but you never know.

The market is still going up at the moment, buy support and use stops.

Numbers to watch...

640 and 630 areas as support.

665 needs to be turned into support, then the market has a base to take out 689 and the illusive but yet so obvious 700.

Thanks.
 
why am i smiling????

dow probably will reach 700 this week. not good for me because my dow short futures is still running. tick tock, tick... have a good remainder of the weekend everyone :)
 
A bit of history

free4440273 said:
...i hope you are correct because by September Dow, short, is still running (in the opposite direction!). but i am still a pessimist here. market wishes to ignore all 'bad' financial news - fine. market wishes to ignore all 'bad' (potential) geopolitical bad news - not so fine...
(mind you, what the hell do i know? :rolleyes: )
Click to expand...

Hi there free4440273, I wasn't going to reply at first, but as you keep repeating the "geopolitical bad news" I feel inclined to say that the market doesn't have to do anything about news. It can react in a matter that some will find "totally unwarranted". The news - either good or bad - can (and will be) discounted completely if that suits the chart. The market can go up on bad news or sell on good news.

Meanwhile you have been short (if I read your posts correctly) from Wednesday before FOMC, about 100 points lower then were we are now.

Take a look two days ago... your post #2438 regarding DAX "...'fundamentals' probably don't support 8000". We hit 8012 on Friday :|

Remember the chart will predict what will happen next. Not the fundamentals. Take a look at history: the stock market crash of 1929 is usually regarded as the trigger that led the US into the Great Depression. However when the market bottomed out in July 1932, the GDP only started to rise again 1-2 years later. Again, the chart had foretold.

Another, more recent example: the stock market crash of 1987. Up till today, there hasn't exactly been a decent justification or explanation to what caused the sudden plunge in stock prices. However, the late 80's where characterised by a time of economic recession. (http://www.answers.com/topic/late-1980s-recession). Obviously these aren't certainties, a crash doesn't necessarily have to lead to the start of a bear market.

As for the 'bad' financial news, I don't know what news you have been reading the last couple of weeks but I've seen nothing but good. Reports of last week showed "solid growth in the job market and surprising improvement in manufacturing" and "consumer spending continued to grow, keeping that key driver of the economy in gear". Bear (pun intented :) in mind that good news always comes out near tops.

Good trading next week, but be careful on that short...
 
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Volume Analysis

Volume is all around the chart as price is in a continuous flow of buyers and sellers. Volume can be very difficult to interpret, unless you know where to look and what to look for. I have been using volume in my trading, often as confirmation to support price action. As this thread isn't about volume, I have posted these charts in another thread. But it might also interest the DOW traders here:

http://www.trade2win.com/boards/showpost.php?p=335020&postcount=359
http://www.trade2win.com/boards/showpost.php?p=335024&postcount=360
 
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firewalker, you are absolutely correct in your analysis {extremely interesting charts also, very informative}. i should have closed the short last Thursday/Friday and that is my loss. still slightly uncertain as to what you constitute as 'good' news - i see nothing but trouble ahead (both financial - which the market pardons - and geopolitical - which i think will 'kill' this market). my short is still standing because of my stubbornness - and stupidity:rolleyes:. see you on the forum tomorrow. have a good remainder of the weekend :)
 
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I guess Putin's threat to blow up the planet should knock a few points off !
 
China hammered again overnite....will Mr Market ignore this fall as well...A correction in China has been so well flagged that it's expected,and recent falls have been met by a swift turnaround in US.....this time with a market not expecting a sell off will we get one instead...???
 
Pat494 said:
I guess Putin's threat to blow up the planet should knock a few points off !
Click to expand...

You mean the US missile threat on Eastern Europe to blow up the planet? You know the ones that are suppose to defend America from those Middle Eastern terrorists in Iraq with their rocket propelled grenades. :LOL:
 
firewalker99 said:
and exit other half here too
+40
Click to expand...

The resilliance of the DOW is absolutely remarkable.

Despite all the bad news and rate rises due all around us it picked up support from 13620. I think 13700 is due today or tomorrow and then a big plummett down. :rolleyes:
 
Atilla said:
The resilliance of the DOW is absolutely remarkable.

Despite all the bad news and rate rises due all around us it picked up support from 13620. I think 13700 is due today or tomorrow and then a big plummett down. :rolleyes:
Click to expand...

dow has never been easier... buy at support
DO NOT sell at resistance ;)
 
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