Where is the Dow & others heading in 2005?

[roguetrader]

If GOOG is anything to go by we going to the moon :lol

 

[User]

If GOOG is anything to go by we going to the moon :lol

I'm just so glad I bought into it....

I was listening to Bloomberg and they mentioned that Google results were out after the close. I looked at the chart and thought that they've just got to go higher! Didn't think it would move this brutally though...

Its currently up 1915 points in after hours trading... I just hope it goes higher when the markets open for Friday...

No real reaction on the indicies in terms of Googles results but I think its fair to say that we have had a massive move up today so interesting to see what happens tomorrow.

If everyday was like this then I'd be able to retire in a few years...

 

[Racer]

ASX and NIK not up very much considering the US.


Markets ignored these comments by Greenspan!

Greenspan said, "Indeed, under existing tax rates and reasonable assumptions about other spending, these projections make clear that the federal budget is on an unsustainable path, in which large deficits result in rising interest rates and ever-growing interest payments that augment deficits in future years. But most important, deficits as a percentage of GDP in these simulations rise without limit. Unless that trend is reversed, at some point these deficits would cause the economy to stagnate or worse."

 

[FetteredChinos]

if i were a gambling man, i would go long here 10,092 and hold for the rest of the day... stop in the 10,040 region.


little pullback almost completed.


not gonna go for it though.. 240points is enough this week.

FC

i think the phrase i am after rhymes with "ducking bell"

could have been +360 from 4 trades, but sadly wasnt to be.

ah well, at least the FTSE longs are doing ok.. :cheesy:

 

[vocalist]

Just a few of notes of interest.Volume was still lower yesterday than the 2 previous big down days and also worthy to note that the sox yesterday,which some say can be a leading indicator failed to take out Wednesdays high(see chart below),obviously when markets open today this may change after Google's results.

Im not sure whether good results are going to take these markets higher what with rising inflation and possible higher crude prices(still showing support at 50 dollars).I still think that yesterdays trade was more short covering than anything else,working our way up from a huge drop and oversold levels.The spx as yet hasn't even retraced the .382 of the previous down move from 1229.11-1136.22, thats at 1172.Good luck to everyone who managed to make a few bucks out of it but i'm not convinced on higher overall prices just yet until we take out some critical upside levels and until then this is just another shorting opportunity in my opinion.Ash

 

[kriesau]

ASX and NIK not up very much considering the US.


Markets ignored these comments by Greenspan!

Greenspan said, "Indeed, under existing tax rates and reasonable assumptions about other spending, these projections make clear that the federal budget is on an unsustainable path, in which large deficits result in rising interest rates and ever-growing interest payments that augment deficits in future years. But most important, deficits as a percentage of GDP in these simulations rise without limit. Unless that trend is reversed, at some point these deficits would cause the economy to stagnate or worse."

Could see a further rise over 10300 today if momentum continues. No real news due out today except for trading statements from Kodak and Haliburton who are not Dow companies.
Very difficult market to gauge at the moment. Little or nothing has changed from the last few weeks. If it drops below 10100 then I think we will see another test of 10000.

 

[Racer]

Im not sure whether good results are going to take these markets higher what with rising inflation and possible higher crude prices(still showing support at 50 dollars).I still think that yesterdays trade was more short covering than anything else,working our way up from a huge drop and oversold levels

I tend to agree with you and it was stage managed by that huge rise in futures out of hours.
I am watching the Dax today to see if we get a pop and drop

 

[FetteredChinos]

im favouring a sideways day.. possible drop to 10,150, but then up from there into early monday.

FC

 

[Racer]

Sometimes I find it amusing that the DAX will not react to news from its own country which is very negative yet immediately responds to a change in one weeks jobs figures in the US, or even that stupid Michigan sentiment thing, 5000 households are representative of the US?

 

[roguetrader]

Just a few of notes of interest.Volume was still lower yesterday than the 2 previous big down days and also worthy to note that the sox yesterday,which some say can be a leading indicator failed to take out Wednesdays high(see chart below),obviously when markets open today this may change after Google's results.

Im not sure whether good results are going to take these markets higher what with rising inflation and possible higher crude prices(still showing support at 50 dollars).I still think that yesterdays trade was more short covering than anything else,working our way up from a huge drop and oversold levels.The spx as yet hasn't even retraced the .382 of the previous down move from 1229.11-1136.22, thats at 1172.Good luck to everyone who managed to make a few bucks out of it but i'm not convinced on higher overall prices just yet until we take out some critical upside levels and until then this is just another shorting opportunity in my opinion.Ash

Agree with pretty much everything you say there voclist. GOOG is not related to the SOX and therefore shouldn't have much effect. Ebay which is in the same sector and has reported already, decent earnings I think and raised guidance and promptly sold off hard despite an overnight gap up. Ebay did recover a fair bit with the market but didn't share in the GOOG euphoria after hours.
A move in any direction is suspect imho until it is supported by volume, but one does have to respect it . A cross and close above 1163 ish will put the SPX back above the up trend from Aug '04 and may attract buyers.
Earnings guidance has been a suprise to me I thought IBM and GM had set the tone but general guidance has been positive. Sets the stage for another interesting day.

 

[LION63]

Racer,

People will try and cling to any glimmer of hope when they are in difficulty and as a result, they tend to over exaggerate its importance. That seems to be the case with the DAX traders but in some ways it is a good thing.

Most traders are not aware of the fact that the rise in the US markets is simply down to the fact that US residents had until last week Friday to pay their taxes. At best, the the added liquidity will dry up next week.

 

[JillyB]

im favouring a sideways day.. possible drop to 10,150, but then up from there into early monday.

I'm with you on this one. I see that there seems to be an intraday level of support around 10,100 - 10115 and I think we could see a retrace down to this level today and possibly another bounce upward on Monday.

However I'm only a novice and I bow to those with a lot greater knowledge than I have.

 

[tradesmart]

Yesterday:-
But the last chance for the bulls is for support at c.10000 to hold and for the current chart setup to morph into a double-bottom or a triangle, and a break north of 10200 would trigger longs…..

Actually it was these two comments from esteemed fellow posters that gave confidence to trigger longs much lower down …

Racer:-
How high can it go? As high as it wants!
Just cos it open up 90 or so, doesn't mean it can't go up another 90!

Fettered Chinos:-
if i were a gambling man, i would go long here 10,092 and hold for the rest of the day... stop in the 10,040 region…….little pullback almost completed.

Very perceptive stuff folks, thanks……!!!!

Well, a divergent double bottom it was; support at 10000 holding. The surge north of 200 apparently validating the ‘W’ setup…….the futs have observed support today at the 190 ‘W’ apex for now…..but let's see how things develop - more "morphing" could occur.......

The speculative 'W' target is now a test of former 360 support as resistance imho…..

 

[Racer]

pre market

Down
DIS and HONHPQ about 1% INTC 0.4%
MRK 0.76%PFE 0.26%
KO 0.5%
MSFT 0.44%
Up
IBM up 0.5%
XOM 0.51

 

[FetteredChinos]

thanks TS, dont remind me!!!

dont know if i will see the 10,150 entry today (70 pts from yesterdays high give or take) and trading as per the 3 day cycle..ie "sell day" (prices kept near yesterdays high of 10,220 ish)

no skin of my nose if we dont

not sure if we will get to 10,360 in theshort term though TS, unless monday's early spike is a bit more than anticipated..

 

[Racer]

Traders remorse straight away, now how much do they regret it!

 

[Racer]

The close today will be very interesting!

 

[FetteredChinos]

and 10,127 close today? who knows...

buy order in at 10,152 (to take account of spread)

lets send this bad boi to 10,300 after that..



FC

 

[Slapshot]

I went short from last nights close, now do I let it run or do I bail out for the weekend?? Choices Choices!

 

[FetteredChinos]

good luck Slaps.. hope you're wrong!!