Atilla
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Really really interesting article that brings home the state of the US economy. All lies and damn lies and statistics rings so true.
Picture can get a lot worse. China will soon be building new computers & operating systems cars and mass produced electronic items with new standards. The valuation of the DOW and NASDAQs top companies will really be halved in another 10 years or so. Just discount their patents and licence fees. Imagine Microsoft valuation halved and the impact on their shares.
Imagine all licences being revoked to pirated software and the Chineese writing their own and giving it away for free like Linux or Open Office. Not far fetched or removed from reality. Imagine an new CPU and what would happen to AMD or INTEL?
The twin defecits have erroded Purchasing Power and this is no surprise. Aging popullation, health and pension and taxes and interest rate hikes as well as moving away from dollar standard to euro or gold will also hit the US economy when it has to buy it's expensive oil. Enough doom and gloom for today but real good read, many thanks 29I.
I'm still short on the DOW. Although up 50pips or so today over all since Friday I'm still down -18 pips.
I had too much of a good time over the weekend to bother checking. If I had I might have sold on Monday but there you go.
I think 13000 is possible in stages. 13150 - 13100 and then 13000. Give it a week or 10 days. Daily charts look so extended with divergence. MAs heading in right direction too.
Well since writing those pips I can now say I have recouped all losses and going couple of pips into positive territory. I think today is the start of something significant. I was expecting this last Wednesday but such is life.
Good trading everyone...
lurkerlurker
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Just come to the screen today after making +15 points on the FTSE. Dare I short the Dow again? Got hurt quite often doing that - although some profit shorts last week....
lurkerlurker
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Hi Dinos.
The overall trend is still up here, but there shorter timescale is down. Apparently I am not permitted to long/short a market, and must only trade in the direction of the overall trend. This means I must look for pullbacks to go long, and will probably end up buying a top.
As much as I want to believe this is the big drop, I've missed most price movement since the open, so don't want to trade out of impatience or anything.
Waiting for the perfect setup, and still raw with yesterdays losses. (Which would be 4 figure profits if I had held the positions now).
Moan moan.
Happy trading all.
The overall trend is still up here, but there shorter timescale is down. Apparently I am not permitted to long/short a market, and must only trade in the direction of the overall trend. This means I must look for pullbacks to go long, and will probably end up buying a top.
As much as I want to believe this is the big drop, I've missed most price movement since the open, so don't want to trade out of impatience or anything.
Waiting for the perfect setup, and still raw with yesterdays losses. (Which would be 4 figure profits if I had held the positions now).
Moan moan.
Happy trading all.
lurkerlurker
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TradIndex have processed my withdrawl request (cash is king) I made yesterday evening after huge losses. Made £45 today on the FTSE. Looks like thats all which is left in my account, and gives me enough margin exactly to trade £1/point on the Daily Dow!
lurkerlurker
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Limit order in for long from 13270 on the June Future. Seems to be a support level, and there are 500-odd YM buy orders within 3 tics of that price.
lurkerlurker
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No longs for me right now.
Short from 13286 (June Fut)
Short from 13286 (June Fut)
lurkerlurker
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Dinos - whoops - I didn't see your confirmation of my long there, and decided to go short! But of course I am still considering covering at that price with my old buy order.
firewalker99
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I'm holding longs on DAX from 7452... that equals a DOW long from 13274 (June Fut)
didn't take the DOW long as I don't want to be in too many correlated long positions at the same time
