Dow 2008

[Pat494]

The Senate has approved a new version of a $700bn (£380bn) rescue plan for the troubled US financial system.

Senators voted 74 to 25 in favour of the emergency legislation, which is designed to buy up bad debts and stabilise financial markets.

It includes tax breaks for families and businesses, among other measures designed to win over sceptics.

The plan will now go before the House of Representatives, which narrowly rejected a similar bill on Monday.

President George W Bush praised Senate leaders for making "vital improvements to the rescue package" and urged the House to approve the measures.

News of the Senate vote had little effect on the Asian markets. Japan's main Nikkei index ended down 1.9% and Australian stocks lost 0.6%, on wider fears about economic growth.

Added sweeteners

The original bill was criticised for pandering to the needs of Wall Street bankers at the expense of ordinary citizens.

(BBC)

At last got the stable door shut !!

 

[dj14000]

long 10800.......exit 1250 :clap::smart:

 

[dj14000]

long 1770 ..... :clap:

 

[Pat494]

long 10800.......exit 1250 :clap::smart:

how can you have a ( I suppose ) Dow long at 10800 and an exit at 1250 ??
Doesn't make sense ??

 

[Atilla]

how can you have a ( I suppose ) Dow long at 10800 and an exit at 1250 ??
Doesn't make sense ??

I think that means 11250.

 

[KUTERO]

Watch 10600..

 

[Atilla]

Possible bounce from S1 @ 10624.

If 10600s don't hold then I have S2 @ 10487 as target.

Would like to see 10900 @ R1.

 

[dans_ya_man]

Taken a long at 10600, not convinced though as past yesterdays low at the 10630 area

 

[Atilla]

Taken a long at 10600, not convinced though as past yesterdays low at the 10630 area

Good call Dan.

Useful chart Kutero

 

[KUTERO]

Possible bounce from S1 @ 10624.

If 10600s don't hold then I have S2 @ 10487 as target.

Would like to see 10900 @ R1.

Atilla,
Thank you.

60 minutes

Where Is The Fed When It is Needed?

People cannot borrow a dollar for a cup of coffee and small banks are not giving car loans.

24/7 Wall St.: Where Is The Fed When It is Needed?

 

[Pat494]

Could be a bit of a bounce here ?

 

[Atilla]

Could be a bit of a bounce here ?

Anything below 10580 and I'm putting my parachute on... :-0

 

[dans_ya_man]

Cheers Atilla,

Im still just about in the game, have my stop at 10580 and came within 3 points of it.

I think its going to move sharply one way or another pretty soon

 

[Atilla]

Cheers Atilla,

Im still just about in the game, have my stop at 10580 and came within 3 points of it.

I think its going to move sharply one way or another pretty soon

Yes I think so too. Unfortunately I'm not feeling well and about to doze off.

I reckon 5 or 7 pm we should see some activity.

4 hour charts looks bearish. I think we may test lows before the next rise up.

I have a possible test of 10480s if this 600 level fails to hold.

 

[dans_ya_man]

Yep, thats me out for -20

 

[Atilla]

Yep, thats me out for -20

Unlucky Dan, but 600 gave it a go.

Catch you guys later.

 

[Pat494]

Could be a bit of a bounce here ?

Well no bounce

You had a cracking good day yesterday AT. Maybe the strain of winning is getting to you

 

[KUTERO]

Former Fed Chairman Greenspan said that current conditions represent a rare, wrenching financial crisis, according to Dow Jones.

Greenspan stated that economic revival will set in when investors enter back into the marketplace, which he suspects will be sooner rather than later.

 

[Pat494]

Former Fed Chairman Greenspan said that current conditions represent a rare, wrenching financial crisis, according to Dow Jones.

/U]

It was largely Greenie's fault by allowing too much, too cheap credit
:smart:
and encouraging people to live beyond their means but in their dreams of owning property , own business etc.

The old boy let go the reins in later years imho

 

[Atilla]

Well no bounce

You had a cracking good day yesterday AT. Maybe the strain of winning is getting to you

Short @ 10551, SL @ 10571


Can't win em all Pat. I still have that deposit on the Embankment... :cheesy: