Dow 2008

[Hook Shot]

The Ndx bounced off it's 38% retrace of the march rally..........and continued into today.

ajaskey and arturo were looking for some positive action on balance and Ira Epstein mentioned the Sp futs at lower bollinger band.

Whatever we say this is just the first up bar with stax of resistance overhead.

(A) It will be interesting to see how Ndx deals with the 200ma around the low 1960's...
(B) The period 13th-16th should be a turning point (?) and we went down into that time zone ...so this rally could be more than a one or two day affair.......

The first job is to hold onto these gains and then see what Monday brings.... since many are looking for this surge to fail it might continue higher.........

My eye is also on Crude since it is coiling in pennant at the highs. Friday is the second inside day in a row .... This is on balance more bullish than bearish (IMO) .... but surprised to hear Saudis say prices are unjustified.......... what are they "really" saying ??????????

 

[Atilla]

Hi everyone,

Here is the charts to the galaxies and we are on course for the bigger H&S formation to play it self out in the next couple of summer months.

Neck line is drawn in black and I suspect this support line will be breached and the 12000-12400 will become the next resistance to any rises. This is until perhaps some disasterous earnings come out, perhaps a few companies fail (or banks even) and then we have the major melt down to 10500s by sometime next year.

This is the same weekly charts and red lines with the OT circles and Fib arcs tell their own story imo.

In the short term the weeklies look bearish but the daily and 4 hour charts look like buys to me. I'm always suprised and sometimes caught out by the strength of the DOW. . I do think commodities are over priced at the moment and this bounce could come about due commodity bubbles bursting as some commentators start to predict - as they should do in the next couple of months. Especially when China goes well off the boil after the Olympics.

Thus, I'm going to be looking at going short opportunities on gold and oil and probably take some long shots on DOW.

Targets for next week on the DOW is a possible attempt on R2=12380s before the dailys take another down turn. I look forward to shorting opportunities on the DOW when my weekly and daily charts line up when I hope to place bigger shorting sizes. Patients...

Good trading everyone.

 

[Pat494]

The pundits are now worrying about inflation !

It costs a fortune to just fill the auto - let alone buying some grub etc.

Can't see Gordon taking off the tax on petrol unless forced to by the truckers

 

[chilltrader]

No more sky sports for me this season I'm afraid!

 

[Pat494]

inflation up
unemployment up
pound down
tax up
etc. etc.

Don't worry Gordie - why not give yourselves another 30% pay rise ?

 

[croesusFX]

Hi guys
Newbie to T2W, but not to trading, mainly trade forex but looking at the DJ
Question, does anybody know of a broker who has a platform that will take a buy and sell at the same time, obviously there is the spread to take into consideration, without the 2 cancelling each other out
Thanks

 

[breadman]

12029 buying the dow
looking for 100 points in the next couple of days hopefully, maybe more

 

[Hook Shot]

Not sure what Oscar is saying these days cos I'm into Ira now ............
I like his simple methodology .... and I learned about the "embedded stochastic"

Mid-Day Stock Indexes Review

He also does a mid day metals report ... but not either on Fri 20th

Ignore the videos unavailable message not sure why it's still there....

 

[Snownation]

Why has this thread been dying lately? No one interested in the Dow anymore?

 

[Vaco]

Why has this thread been dying lately? No one interested in the Dow anymore?

everyones to busy with the spanish thread!

 

[Atilla]

Hi everyone,

Here is my take on the weekly Dow charts. Last week we made an attempt to 12400 but failed around 12340.

More interestingly 12000 failed to hold at close end of week. It is really difficult to see what can revive the Dow now without the bigger H&S playing it self out.

This is like text book chart theory. We will now see a drop to around 11500s for sure very soon. We will then have a bounce to the neckline and straight back down again.

On my weekly charts my blue line showing S&R has also been breached. Big question is will it act as support. MAs and MACD indicators are saying no. Also, Pivot Point S2 has also been breached at 11973.

On the daily charts we might touch 11918 (S2) and this is what I'll be waiting for on Monday. Watch the opening movement and upon any weakness short it. If it does carry on up beyond 11900s, I can't see it going past 12200. I will be patient as the next fall is probably just couple of days away I'd guess and helloooooooo 11500s...

Good trading everyone.

 

[trader_dante]

Rumour of an attack on an Iranian Nuclear Plant...

 

[Splitlink]

Rumour of an attack on an Iranian Nuclear Plant...

Anything to get the market to move. :clap:

 

[atrim]

Anything to get the market to move. :clap:

I hear this is not true. Anyone know anyone in the iranian embassy? Can you give them a call please and let us know. Thanks.

 

[Splitlink]

I hear this is not true. Anyone know anyone in the iranian embassy? Can you give them a call please and let us know. Thanks.

Can't be bothered, I don't believe it, anyway. A good rumour is all the market needs.

 

[firewalker99]

A good rumour is all the market needs.

I doubt the market 'needs' anything.

March lows should come as no surprise. :whistling

 

[trader_dante]

I doubt the market 'needs' anything.

March lows should come as no surprise. :whistling

The March lows are the area that I am considering tentatively accumulating although I will, of course, keep a close eye on the price action as confirmation and keep initial probes to 2 lots only.

 

[trader_dante]

Having never properly considered volume, perhaps someone with more advanced knowledge could tell me whether I can/should derive any significance from the fact that the Dow has been making new lows on declining volume...(see chart) and whether that may possibly provide supporting evidence for tentative long positions at or around the March lows.

 

[Splitlink]

I doubt the market 'needs' anything.

March lows should come as no surprise. :whistling

March low, problems with Iran or whatever,this market is going down (this morning)and I've been short from the start. The March low has not been tested yet, so it is not on my radar. Maybe it will bounce, or maybe it will go straight through.

 

[ian]

I hear this is not true. Anyone know anyone in the iranian embassy? Can you give them a call please and let us know. Thanks.

My mate knows a guy who's ma's sister works as a cleaner at the Iranian Embassy and according to her the Iranians are all long oil.... Fact!