Where is the Dow & others heading in 2005?

[FetteredChinos]

ive been short since 10,300 a couple of days back..

stop-loss for that is at 10,450, and my take profit-limit order is 10,190.

might add to the short depending on the data today..

have a feeling it might be a one-way trend day.. time to sell bounces, or buy dips.

good luck everyone.

fc

 

[Minder]

therein implying that we should all be long..


ooo err 50 mins to go.. futures creeping up all over the place at the mo...

Futures well up ! A little pump before the dump, or a leak ?

Another 15 mins for an answer.

 

[mofo]

therein implying that we should all be long..


ooo err 50 mins to go.. futures creeping up all over the place at the mo...

don't go all socco on me FC, how do you mean ?

 

[kriesau]

Non-farm payroll up by 270,000 in April - 100,000 above expectations. Feb & March NFP's also retrospectively revised upwards too. Unemployment comes in at 5.2% as expected. Treasury bonds down in response. Looks like we will have a real spike up on opening.

 

[FetteredChinos]

don't go all socco on me FC, how do you mean ?

lol, i meant that contrarian is largely the way to go.. people expecting bad news rarely get it.

well they do, but bad news in that the news was good.

lol and behold, NFP data at 274k.. the komedy kontinues...

 

[kriesau]

Dow cash futures now just over 45 pts above yesterdays close. Would have expected a sharper response to NFP data.

 

[kriesau]

ive been short since 10,300 a couple of days back..

stop-loss for that is at 10,450, and my take profit-limit order is 10,190.

might add to the short depending on the data today..

have a feeling it might be a one-way trend day.. time to sell bounces, or buy dips.

good luck everyone.

fc

Are you going to hold that short FC and look for a higher spike to put in another ?
I think we are getting close to another drop but it may now be next week before it happens.
Even if it falls back later today it's probably to soon to break support at 10300.

 

[Racer]

So a big spike up and then fall back, are they taking this good news as bad news cos it means more rate rises

err... if you know what I mean..

But then again they might take it as good and who cares that interest rates and oil is going up

 

[mofo]

lol, i meant that contrarian is largely the way to go.. people expecting bad news rarely get it.

well they do, but bad news in that the news was good.

lol and behold, NFP data at 274k.. the komedy kontinues...

Gotcha FC, tho when i said consensus i was really referring to the consensus in this room.

Glad i stuck to the rules and went down the pub instead. This is one friday rule i rarely break.

 

[kriesau]

Whoa, the Dax and FTSE like the nfp figures - up 18 pts and 10 pts respectively in 15 minutes.

 

[FetteredChinos]

yup, but little follow through.. still indecisive.. lets see what happens when the US opens properly..

but of euphoria upside perchance. another stab at 10,400..then down..



might add to a FTSE short soon, as i think im off home soon.

 

[FetteredChinos]

Tom's map for today..

http://www.tradertom.co.uk/images/6may20051.jpg

 

[kriesau]

Tom's map for today..

http://www.tradertom.co.uk/images/6may20051.jpg

Hedging his options huh !

 

[Slapshot]

Up nearly 60pts now! Bump and run or Jump and fall??

 

[FetteredChinos]

60pts implies a gap-and-run, after a small-ish (20-30pt pullback) after the open..

still holding on to the shorts.. might widen them somewhat to allow the trade to run into next week.

looks like my Dow Comp entry is right down the pan this week. 10,180! pah!

FC

 

[Racer]

It will be interesting to see if they 'sell on the news'

 

[kriesau]

It will be interesting to see if they 'sell on the news'

Racer - are you holding any shorts at the moment. If so where and on what contracts.
I'm still looking for a new short entry (maybe today) after my 10330 short was stopped out yesterday.

 

[Racer]

Short Sept and not too happy at the moment!!
But I haven't decided to close yet, am considering reversing position but not going to rush into it, I will see how the market plays out today

 

[Racer]

The FTSE doesn't look that happy really so one reason I am waiting. Okay DAX and FTSE spiked up, but that can often reverse when they have thought about it a bit!

 

[Racer]

Tom's map for today..

http://www.tradertom.co.uk/images/6may20051.jpg

Sideways or down... he forgot up?