Where is the Dow & others heading in 2005?

[kriesau]

Not looking good for shorts at the moment.
Everytime there is a small decline the volume spikes up to reverse it.

 

[roguetrader]

DOW at critical level here convergence of Feb swing low and 200 sma break above this level would be surprising and very bullish in the short term

 

[vocalist]

1182.6 is the 50 percent up,this may be the next retracement.Im still not panicking.

 

[Slapshot]

CCI at 200 and RSI at 65 on the 1min chart indicating it's overbought but it doesn't look like it's going to give up easily. 10400+ anyone?

 

[kriesau]

1182.6 is the 50 percent up,this may be the next retracement.Im still not panicking.

If the SPX hits 1182.6 then the Dow is likely to be around 10430 - 440 on its way to test the next resistance level of 10490.

Dow has now been ranging 10320 - 10370 for 5 hours now. Any dip below 10340 seems to produce a buying spike. I'm still holding on to my short to try and establish a longer term position but at the moment it does not look good unless there is a late sell off in the last hour.

 

[trendie]

the Dow should start falling, just about..........

close my SHORT at 10,355 for a 42-pt loss.

.....now!!

 

[kriesau]

the Dow should start falling, just about..........

close my SHORT at 10,355 for a 42-pt loss.

.....now!!

Well you've probably made the right decision.
I'm going to try and tough it out a little longer. The only short gamble left today is whether resistance at 10360 can hold - doesn't look too promising though at the moment.
I've got to leave on a business trip tonight so I've moved my short back to 10380 which will cost me 50 pts if it's hit.

 

[peterpr]

Well you've probably made the right decision.
I'm going to try and tough it out a little longer. The only short gamble left today is whether resistance at 10360 can hold - doesn't look too promising though at the moment.
I've got to leave on a business trip tonight so I've moved my short back to 10380 which will cost me 50 pts if it's hit.

I think you're safe - for today anyway.

We've already had a 120 point (nearly 1.2%) one way range for the day.

If it's going higher, there's some breath catching/consolidating to be done. My current interpretation is that current level is a good short entry on a 1 week view.

 

[Bigbusiness]

I suppose Socrates will pop in now, to tell us that he told us it was going up earlier but we were all to stupid to realise

 

[peterpr]

I think you're safe - for today anyway.
We've already had a 120 point (nearly 1.2%) one way range for the day.
If it's going higher, there's some breath catching/consolidating to be done. My current interpretation is that current level is a good short entry on a 1 week view.

Oops - a bit out with that one. Still think we're close to good short entry though.

 

[frugi]

Looking at the 30 min, 400 would match wave 1 rather well, then a wave 4 pullback to 325 odd tomorrow before a final up to 550? I'll stick to scalping ...

 

[justyn]

ISM due at 10:00 GMT guys, often stands for "It Sinks Markets" and it also often turns into a trending day. Wednesday is also the most likely day for a trending day.

Looks like I was right about it being a trending day, the ISM wasn't bad news and with the help of GM up we went.

Bad luck to the guys holding shorts today

I must see if I can find how "trending day" was defined in the post I referred to earlier. Maybe for an upward day: The price doesn't dip below the previous day's close and closes up at least 100 points? (and vice versa for a down day)

Justyn.

 

[justyn]

I suppose Socrates will pop in now, to tell us that he told us it was going up earlier but we were all to stupid to realise

He can cay what he likes, he's on my ignore list now so I can't hear him :cheesy:

 

[roguetrader]

I must see if I can find how "trending day" was defined in the post I referred to earlier. Maybe for an upward day: The price doesn't dip below the previous day's close and closes up at least 100 points? (and vice versa for a down day)

Justyn.

By my understanding a trend day is simply a day that shows an expansion of range with the open near one extreme and the close near the other extreme with little retracement in between.

 

[SOCRATES]

Yes, like the ostrich that buries its head in the sand and believes that because it cannot see you,
you can not see it either.

 

[Racer]

GM up 18% hmm, I think a little profit take tomorrow?

Traders remorse? After hours falling fast they are starting to regret already.. see what tomorrow will be like after that. The way the Dow goes lately it could be down 100 by tomorrow close...

 

[RUDEBOY]

How far will it go? who knows? Got stopped out myself, but i'm not bothered! I give myself some slack with the stop, the market took it out! It was probably on the cards, just a matter of time when this market could move 'up' out of a consolidation period( going off volume ). I thought i was selling top of the range, obviously not, but i just could not bring myself to buy it( seemed to go against the grain)! IMHO, this will be short lived, before selling pressure prevails. Remember! vol to the down carries less weight than the opposite in a downward trending market. RB....By the way, Tradesmart, that whipsaw theory of yours....nice one! Textbook stuff on this occassion matey!

 

[SOCRATES]

I suppose Socrates will pop in now, to tell us that he told us it was going up earlier but we were all to stupid to realise

You are not stupid, Bigbusiness because you were able to recognise valid comment earlier today, in contradistinction to others who are not only really stupid to contradict what is obvious, but to display their ignorance and disrespect ,and to make it worse, to persist in going short in what is obviously a long market with a target of 10415. You cannot say I did not tell you in the first 12 minutes of trading, but you lot will argue and some of you, to your loss, decide to put your heads in the sand as well , like the ostrich.

 

[User]

...Won't be trading today as I haven't got time to watch the action....

Lucky that.....I see we closed near the highs of the session......impresive on the chart as we finally breakout of the range but the whole situation could become invalid should we wipe todays gains tomorrow.....however if we dont then where will we top out?....

The '90%' stat posted over the weekend looks good.....nearly 200points up from Fridays close...

 

[Minder]

You are not stupid, Bigbusiness because you were able to recognise valid comment earlier today, in contradistinction to others who are not only really stupid to contradict what is obvious, but to display their ignorance and disrespect ,and to make it worse, to persist in going short in what is obviously a long market with a target of 10415. You cannot say I did not tell you in the first 12 minutes of trading, but you lot will argue and some of you, to your loss, decide to put your heads in the sand as well , like the ostrich.

You seem to have forgotten to post your long target of 10415 earlier today. Walter Mitty. Troll.

If i want to solve cryptic puzzles i do the crossword.

On ignore.