Where is the Dow & others heading in 2005?

[roguetrader]

Tough going this morning, internals very bullish NYSE, little less so Naz. SPX up against that 1163 level

If 1163 goes on SPX then 1170 is next target, which would give you DOW guys about 70 point upside, if they move in tandem. Internals are up for it

 

[kriesau]

Resistance at 10250. Two tries to breach it so far. If a third attempt succeeeds then its onward to 10300. If not we could see a pull back to test support at 10200.

 

[roguetrader]

This'll be interesting. Heavy short SPX.

What's your timeframe Joules?

 

[Racer]

4 times attempt to go above 10255/60 and failed

 

[roguetrader]

Fair play, second attempt at 1163 failled I'd guess we fill the gap today but at the moment that is contradictedbythe internals

 

[kriesau]

I am mostly ss at 1162-3 and am allowinga diagonal wedge to finish upto 1165 however even though the Adv/Dec looks bullish the Put/Call ratio is bearish on a contrarian basis. After such a punishing set of donwmoves I am always skeptical of such immediate enthusiasms to be long.

Hey, how about an English translation for the Poms.

What's the Adv/Dec ?

 

[roguetrader]

Hey, how about an English translation for the Poms.

What's the Adv/Dec ?

Advancing stock minus declining stocks

 

[Racer]

Oh and I thought it was something to do with adverts in December cos no one is playing golf

 

[counter_violent]

Well !! don't see these very often .....cup handle pattern .....normally bullish..... so if 260 breaks then 300 is Target

 

[kriesau]

Advances 2266 (68%)
Declines 901 (27%)
Up Vol* 635 (74%)
Down Vol* 196 (23%)

Thanks. I've added a stop sell on the SPX to go with my limit sell on the Dow (STILL not triggered).

 

[trendie]

Joules,

I am impressed by your knowledge of Elliot Waves, (minuets and minor waves etc).
Can you recommend a good couple of textbooks for an intermediate-level player ?

 

[kriesau]

In the 10220 - 10260 range for 4 hours now.......yawn..........why can't it make up its mind one way or the other (although preferably down).

 

[Racer]

Go away from the screen for a couple of minutes and then it will!

 

[User]

Some real fighting taking place....

We were near the lows of the past four hours and now we're near the highs again.

Breakout to the upside could well occur now....

 

[kriesau]

Go away from the screen for a couple of minutes and then it will!

Tried that several times - was out for an hour and a half too - doesn't work

 

[User]

Tried that several times - was out for an hour and a half too - doesn't work

Want my advice kriesau.....go away now! Its going to breakout to the upside soon!

 

[wellshot]

elliott

trendie
try www.elliott-wave-theory.com

 

[Racer]

[BRIEFING.COM]
total volume is running well below the pace of the last several sessions, arguably suggesting less conviction behind today's broad-based move to the upside... Both the NYSE and the Nasdaq have yet to see 1.0 bln shares exchange hands... ..NYSE Adv/Dec 2238/992. ..NASDAQ Adv/Dec 1770/1256.

 

[roguetrader]

[BRIEFING.COM]
total volume is running well below the pace of the last several sessions, arguably suggesting less conviction behind today's broad-based move to the upside... Both the NYSE and the Nasdaq have yet to see 1.0 bln shares exchange hands... ..NYSE Adv/Dec 2238/992. ..NASDAQ Adv/Dec 1770/1256.

True but then apart from the gap we have just moved sideways so you would expect light volume. See what sort of volume the eod selloff brings if it comes

 

[User]

Want my advice kriesau.....go away now! Its going to breakout to the upside soon!

The funny thing is, I go away from the screen and it breaks to the downside!