Trading with point and figure

[Dentalfloss]

watch for 19180-19200 is rez on a bounce

 

[Dentalfloss]

excellent movement...in and out of our 2214 rez on spx
luvin it

 

[Dentalfloss]

excellent movement...in and out of our 2214 rez on spx
luvin it

stopped out on bounce at 2209
excellent run

 

[Dentalfloss]

bounce in our 19200 area to 19214/prev supp...became rez
then a plop to our 19180 area
excellent stuff
still dumpin

 

[Dentalfloss]

19170 area will take some time to settle direction....possibly
was prev rez area

 

[Dentalfloss]

19170 area will take some time to settle direction....possibly
was prev rez area

and bounce from that area
excellent run

 

[Dentalfloss]

change inputs

rez area worked well today/red trendline

 

[Moneylender]

and bounce from that area
excellent run

And back down, will the dip be bought again?

 

[Dentalfloss]

And back down, will the dip be bought again?

There's some sort of pivot at 19144

 

[Dentalfloss]

Prev res 19100 to 19133...Could be decent support area
Our 19200 support became rez...then plummet

 

[Dentalfloss]

mornin folks
late start for me

 

[Dentalfloss]

oil/wti
was in rez
supp area marked..there now
data from 3rd October
could go either way

 

[Dentalfloss]

DOW over last 2 weeks

 

[Dentalfloss]

scalp shorts only...need to see that internal trendline/aqua break

 

[Dentalfloss]

- Manufacturing PMIs dominate statistical schedule as market digests
Korea Trade poor Australia CapeX, US weekly jobless claims, Auto Sales
and Construction Spending also due; France and Spain to auction debt

- UK Manufacturing PMI: expected to sustain post referendum pick-up, some
anecdotal evidence of dented optimism

- US Manufacturing ISM: further pick-up expected, risks skewed to upside
given Chicago PMI and Markit PMI; Prices Paid seen steady

- OPEC 'deal': compliance critical given previously record of quota
busting; demand outlook still more important than supply, though US shale
offset to cut to be closely monitored

..........................................................................

********************
** EVENTS PREVIEW **
********************

So after all the drama of yesterday's OPEC meeting, on which there will inevitably be a large dollop of scepticism about how much 'cheating' there will be, the start of the month brings the usual deluge of Manufacturing PMIs/ISM with US Auto Sales, weekly jobless claims and Construction Spending offering further points of focus, once the Korean Trade and very weak Australian Q3 CapEx data have been digested. Fed speak, the UK Richmond Park by-election and bond auctions in France and Spain round off the day's schedule. In terms of yesterday's OPEC agreement, the key issues now are that the announced inclusion of non-OPEC producers above all Russia is ratified at next week's meeting between OPEC and non-OPEC producers, and that compliance with the production cuts is enforced, with the efforts to detail individual quotas and the formation of a monitoring committee underlining a welcome attention to detail, which was necessary given previous records of widespread quota busting. Be that as it may, this only takes overall output back to January's output levels, and with US shale producers having made strides in cutting production costs, and given the current rise in prices, it remains to be seen how much overall global output will be reduced, though this should at least help in reducing some of the inventory overhang. That said, it remains the case that the biggest fly in the proverbial ointment for oil markets has been the persistent downward revisions to global demand estimates, though it is worth noting in passing that at the proposed level of 32.5 Mln, OPEC output would be below the IEA's estimate of the demand call on OPEC of 33.1 Mln. It also goes without saying that it is a measure of the degree of desperation on the part of Saudi Arabia that they have sacrificed market share to reach this agreement. Eminently the uptick in oil prices (if sustained, and price action is likely continue to be very choppy near-term) will help to put some upward pressure on CPI readings, which in combination with Treasury Secretary designate Mnuchin's ideas about issuing ultra-long (50 & 100-yr) Treasuries to fund Trump's infrastructure programme, will also likely put upward pressure on longer-dated yields.

** World - Nov Manufacturing PMIs **
- Asian PMIs presented the usual mixed picture, with China NBS readings showing a welcome acceleration, even if the Caixin Manufacturing PMI slipped modestly, which tends to imply that the SME sector is not faring as well as the SOE sector; while India's PMI slip should come as no surprise given the demonetization shock. For the Eurozone, German and French readings are as ever seen unrevised from their flash readings, while Italy and Spain are expected to see further modest gains on the month, but remaining well below the higher levels for the year. Of rather more interest will be the UK Manufacturing PMI, which is seen continuing to consolidate its recent gains with a solid 54.5, modestly below the year's high of 55.5 in September. But it is likely to be the US Manufacturing ISM that attracts most attention, with the modest acceleration in the flash Manufacturing PMI (expected to be confirmed) predicating the consensus forecast for a pick-up to 51.5 from October's 51.9, with yesterday's surge in the often not well correlated Chicago (57.6 vs. October's 50.6) imparting some upside risks, perhaps to a fresh high for the year (previously June at 53.2). Given the recent, probably not sustainable surge in industrial metals prices, there would appear to be some risk that the Prices Paid index turns out higher than an expected no change at 54.5.

from Marc Ostwald

 

[Atilla]

Super call on cable rez @ 1.2550s Dentist.

1.25 now acting as supp I reckon.

Tgt remains at 1.26 and maybe yonder with cabinet warming to Brexin.


On Dax - seems to be bouncing off 10550 which is PP-S2.

I have;

PP-R1 @ 10675
PP @ 10640
PP-S1 @ 10580
PP-S2 @ 10550

 

[Dentalfloss]

DAX updated
in our supp area

 

[Dentalfloss]

Super call on cable rez @ 1.2550s Dentist.

1.25 now acting as supp I reckon.

Tgt remains at 1.26 and maybe yonder with cabinet warming to Brexin.


On Dax - seems to be bouncing off 10550 which is PP-S2.

I have;

PP-R1 @ 10675
PP @ 10640
PP-S1 @ 10580
PP-S2 @ 10550

1.2552 rez..we marked yesterday...tested this morning...scalped off that...excellent results

 

[Dentalfloss]

1.2552 a big rez area
1.2408 a big supp area
if 1.2550 area is rez on bounce ...then bears in

posted at 11.36am yesterday

 

[Dentalfloss]

1.2500 area needs to supp for another pop at 1.2552