Dow 2007

How will this market react to the jobless figures in the next half hour? I see we are near highs again. I'm looking to short weakness around 750. If the unemployment is up and this is suitably bearish, I may take a short position. I think the index is too expensive to buy at these levels, and would need to see serious above 750 on high volume to consider it.

Bear in mind I am only using price and volume at this stage (with tick as ever). I am considering RSI and MACD again as it has been suggested, but I am wary at this time. They will no doubt form part of my final position trading strategy, but for now I am using PV.
 
lurkerlurker said:
How will this market react to the jobless figures in the next half hour? I see we are near highs again. I'm looking to short weakness around 750. If the unemployment is up and this is suitably bearish, I may take a short position. I think the index is too expensive to buy at these levels, and would need to see serious above 750 on high volume to consider it.

Bear in mind I am only using price and volume at this stage (with tick as ever). I am considering RSI and MACD again as it has been suggested, but I am wary at this time. They will no doubt form part of my final position trading strategy, but for now I am using PV.
Click to expand...

I think the market will be more focused on the Trade Balance,also released at 1.30pm
 
2468steve said:
I think the market will be more focused on the Trade Balance,also released at 1.30pm
Click to expand...

Most likely true. Maybe I should have looked to take a view on Cable. Anyway, out with -9 including spread when the market failed to move there. Considering a short on a break of 700 on volume.
 
The way this is shaping up a push over 700 on cash wouldn't suprise me today.....needs to break 670 cash first..... this could then run to 875...let's see if there are any bears left....looks like they all eating porridge at the mo,nowhere to be seen......:LOL:
 
2468steve said:
The way this is shaping up a push over 700 on cash wouldn't suprise me today.....needs to break 670 cash first..... this could then run to 875...let's see if there are any bears left....looks like they all eating porridge at the mo,nowhere to be seen......:LOL:
Click to expand...

this bear is fast becoming a bull :cheesy:
 
I see a high of day of 13740 on the futures. I don't see real resistance until around 13760. Flat at the moment, still down 9 points from buying at 13:30. (long from 13721)
 
Missed a short there. Couldn't pull the trigger.

If that surprising? The Dow hasn't yet shown weakness. Selling would be premature. No wonder I couldn't do it. Still flat.
 
lurkerlurker said:
I see a high of day of 13740 on the futures. I don't see real resistance until around 13760. Flat at the moment, still down 9 points from buying at 13:30. (long from 13721)
Click to expand...

sorry m8...should've said 65 cash....NDX and Comp both left big gaps on open...will wait for those to retrace before jumping in....
 
I see the high there, but I don't see too much weakness. It is too early for me to short. I'm not buying at these highs. Has the ES taken out 1600 yet?
 
Tick is declining, and the volume is slightly lower around these heights. I may take a position in the next 10 minutes, but I want to hold it to EOD. Therefore the direction must be pretty clear.
 
2468steve said:
crazy I know but long here @ 85 cash.......won't let this get under 65 tho'
Click to expand...

It doesn't seem too crazy. I don't think we will hit proper resistance until 800 futures. I am going to keep an eye on price and volume for a little while, though I am worried that my timescale is too short (5 and 15m). On the hourlies I don't really know where this is going.
 
Anyone else having fun with this today? I was long on sept futures from 13685 and out 13718. then long at 13721- still in it... Total for far for the day from all markets is 495pts up. Probably won't post much untill later because i've got my father up teaching him how to trade...

Good luck guys...
 
Kevin21 said:
Anyone else having fun with this today? I was long on sept futures from 13685 and out 13718. then long at 13721- still in it... Total for far for the day from all markets is 495pts up. Probably won't post much untill later because i've got my father up teaching him how to trade...

Good luck guys...
Click to expand...

I hope that goes well for you mate. I have just shorted this market, and am looking for a fall down towards 700 again, although I would be happy enough with a fall to 750. I am somewhat concerned with the volume here appearing to dry up however.

I think the market has put in solid resistance in opening hour, and it is sideways or down from here.

Good trading all.

Kevin - a while 500 points in a day - over what instruments? You should start a trading journal - I'm sure there are a few of us who could learn a lot from you.
 
Kevin21 said:
out at 13772
Click to expand...

Pleased to hear you have covered mate. I'm short on this market from 65, which is a YMU7 price of 13767.

Short just confirmed by a new low on tick there, in addition to it making lower highs all hour. Clear support should kick in around 13750, so I will consider covering there if no clear break becomes apparent.
 
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