Dow 2008

[chilltrader]

anyone else got 12350 as target? Have shorted @ 12550 (paper of course!)

 

[Hook Shot]

I know this is heresy on these boards... but have a listen to Meredith Whitney* Tuesday on bloomberg.com (video interview). She's bearish on banks bigtime and even more bearish on the economy..........................

She says credit crunch is far from over .........

Mmmh funny that's not what Tres Secy Paulson is telling us

Consequently.......I think any bounce here "should" be doomed to failure and at best may see marginal highs 13140/50.................. before bear market resumes in earnest.

Some may remember this conflicts with what the bigdogs were seeing in the market. Perhaps (?) now supported by only a 38% retrace on Spx ...and has only marginally overstepped the standard timeframe for bullish pullback of 1-4d ......... so far that is.

Ndx continues to hang in there relatively unscathed. Young and cheerful Barton Biggs says he remains a fan of technology.

Conundrum!

Ps some may also want to review George Magnus's recent interview on Bloomberg ... about banks and the credit crunch ?

 

[Atilla]

First Fib 23% target is hit. Now wondering if we'll see 38%. 12700???

Daily charts look bullish still.

I'm waiting for another shorting opportunity now...

 

[seanmiller]

hi guys, new to forum.

rolling long on dow from yesterday 12491 from a previous short.

should be an interesting day, good figures out this morning and the the market has already priced in negatives on the rest I hope, so good potential upside.

good luck

 

[Pat494]

I thought it was going to be an up day today but charts looking bearish recently

 

[Pat494]

As usual lately OIL will be the major factor I expect.
Roll on cold fusion - says I

 

[Pat494]

The big negative factor is the downgrade of Lehman Bros.
Airlines positive though
Dow chemicals products prices up 20%

 

[Gaffs1964]

I wish I knew - wait and see I think!

 

[Pat494]

Hi Sean,
Are you a chart's man ?
Looking at the bigger picture the high oil prices must be putting up prices of China's exports. Maybe sail ships will return for bulk carriers ?

 

[Atilla]

Hi Sean,
Are you a chart's man ?
Looking at the bigger picture the high oil prices must be putting up prices of China's exports. Maybe sail ships will return for bulk carriers ?

I think one possible reason for oil coming off is more to do with China officials suggesting to removal of price controls on the price of oil. Effectively removing oil subsidy in China to producers.

Also, it could be we are seeing rejectiion of Fib 23% but would like to see price fall further. Very mixed market at the mo.

 

[Pat494]

Also, it could be we are seeing rejectiion of Fib 23% but would like to see price fall further. Very mixed market at the mo.

Hi At,
Seems very quiet after last week's bust up. Perhaps you would like to explain the significance of fib 23% ? Is that oil prices ?
I'm into Macd's at the mo.

 

[Atilla]

Hi At,
Seems very quiet after last week's bust up. Perhaps you would like to explain the significance of fib 23% ? Is that oil prices ?
I'm into Macd's at the mo.

That's just based on the falls from last week. Fib 23% retrace is a bounce back up to 12600(c) prices.

I thought it would occur and was considering possibly a bounce to 12700 too. I'm still not sure if 12600 were rejected or whether it will try and go beyond again.

I'm still flat and will wait for more shorting opportunities.

 

[Pat494]

Well its going south but for how much further ?

 

[Atilla]

Well its going south but for how much further ?

The daily trend is still up. I'm seeing 12625 and I do think this has some more steam left.

I reckon 12700 will be attempted. Still flat and waiting for the big down turn.

 

[Pat494]

Well its going south but for how much further ?

That was yesterday !!
It turned on the proverbial sixpence
A week may be a long time in politics BUT an age in trading

 

[dans_ya_man]

Sell 12663

 

[dans_ya_man]

Closed 12673 -10
looks like Atila was right, were heading for the 1270S

 

[dans_ya_man]

12700`s

 

[dans_ya_man]

Sell 12706

 

[dans_ya_man]

Closed 12718

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