Dow 2009

Just rushed in from work and I'm short again at 8060.


Likewise here. I have been seeing the numbers but not had a look at the charts. I closed yesterdays short @ 7952 for +41 but I was expecting a lot more... :eek:

If you look at 4 hour charts the same pattern is displayed as in the 2H chart below. This was what I based the 8200 on previously. I have placed an EO at 8130 and I have a sneaky feeling this will max out around 8150s.

Going short above 8140-50s would be dicing with trend change. 4H indicators all looking very bullish as well as MAs turning up and crossing.

I have Pivot Points as my targets.

R1@8090
R2@8244
PP@8007
S1@7855
S2@7770

I would say if 8150s are breached higher then 8200+ certainly on target.

What a day... It's almost like spring is here except there is snow and sludge and a silly drizzle trying very hard to look like rain. Almost like the markets - faking it dare I say... :cheesy:
 
excuse my shat drawing skills but we have a bit of a 1,2,3,4,5 ABC, 1,2,3,4,5 trend could be over and we are up against resistance. i continue my defiant bearish stance! :devilish: short from 8031 btw
 

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excuse my shat drawing skills but we have a bit of a 1,2,3,4,5 ABC, 1,2,3,4,5 trend could be over and we are up against resistance. i continue my defiant bearish stance! :devilish: short from 8031 btw

I'm no expert on EW theory but your lines are way off the mark. 3rd leg is normally the longest and I can't see your numbers corresponding to any of those moves.

I do concur though we are heading into major resistance. Lets hope we see 7800s tonight.


PS. We are now back in PPoint so it could close around this convenient 8000 level too and we are all getting excited about not much.
 
I'm no expert on EW theory but your lines are way off the mark. 3rd leg is normally the longest and I can't see your numbers corresponding to any of those moves.

I do concur though we are heading into major resistance. Lets hope we see 7800s tonight.

the word being normally. i use this style of TA all the time in my analysis, wether its true EW or not im not really bothered, works for me tho
 
liking the put volume here, rising steadily during the rising market constantly higher than calls.

open intrest is still about 1.5mil in favour of puts on the s&p

hopefully we are gona head back down tomorrow after nfp
 

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Gosh 8170 on my screen. I reckon 8200 could well be breached and R2 @ 8244 becomes are target.

It's like there's a train coming get off the line sort of mad dash for the bears. Leave the fries and just run like hell... :cheesy:
 
epic volume off the open, 8500contracts on the 2nd 5min bar ****ing crazy..do these clowns know the country is going 2 ****???
 
Unemployment jumped from 7.2 to 7.6% -- and yet there is this false suckers morning rally.


The market doesn't deserve to be at these levels - the dow should be sub 7k in my opinon before long.

Buying at these levels is just crazy
 
buying and short covering going into the senate hearing for the stimulas package..lets see what happens then
 
Unemployment jumped from 7.2 to 7.6% -- and yet there is this false suckers morning rally.


The market doesn't deserve to be at these levels - the dow should be sub 7k in my opinon before long.

Buying at these levels is just crazy


Trade what you see not what you think!

Think PPT! :cheesy:
 
up agasint the 61.2% retracement of the last down move, looking pritty oversold across the board aswell. gona take a short here with small size, the trin is still very bullish so risky trade. most of this up move is because of the pending bailout infront of the senate at the moment aswell as people bailing on there short positions and getting stopped out. don't forget, buy the rumour sell the fact! altho i have taken a fair few loses in this current rally due to my barish stance im not yet ready to turn bullish
 
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There's the *dog and pony show and ongoing chatter about suspending mark to market.

In addition, the weak hands need to be wiped out first, hence the rise off technical and round number support.

*the, ahem, "stimulus" plan, otherwise known as pork barrel spending.
 
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