Where is the Dow & others heading in 2005?

[kriesau]

The news this morning is not particularly good.
ISM figures are down from 53.3 to 51.4.
Construction expenditure up 0.5% slightly below Wall Street expectations of 0.6%
Oil up 0.8% to $52.38
Nothing major to worry investors but nothing much positive to encourage them either.

Resistance of 10560 was briefly breached at 10.15am and is currently holding.
Anyone got current volumes in the first hour ?

 

[clylbw]

Hi clylbw, what exactly dou you mean by "recently" could you tell me the days we pulled back on heavy volume and the days we moved up on light volume?

Hi roguetrader,

I think the sections I referred to are those of 25/5, 27/5 and 31/5, in which price moved down in heavy volume during the early part, then moved up in lighter volume later that day.

With today's actions so far, I wonder whether those down volume were big boys accumulating during a consolidation period. Many thanks.

 

[lemput]

It does look like we will break this range to the upside, anyone got any targets ? I am short, like a lot of posters so will be hoping for a swift reversal! Bond yield on the 10 year down to 3.9% which seems to be giving the green light to equities. That won't last long though....

 

[roguetrader]

It does look like we will break this range to the upside, anyone got any targets ?

10,608 would be my next target if we continue up,

 

[orky]

Hi RT

Could you advise why 10608.

Thanks

Orky

 

[User]

Is this the last surge.....?

The VIX went up 9% yesterday but down today near 8%....

10600 should prove difficult......

Trader Tom has stated that the black box system has fired a sell signal....

He also calls the 1206 region the top for the S&P....

Really looks like the last punch....

 

[roguetrader]

Orky, sorry I never advise mate, merely observe and comment, 10,608 is 61.8% fib retrace from Mar highs to April lows
Disregard my comment of an ominous sign, I was talking to someone else about SPX, DOW would not be in that position until 773

 

[hariab]

hey guys.... been a while since me virgin post..... Neone got any feelings on oil reaching 53 at mo.... surely that should provide some relief for us shorters???

 

[FetteredChinos]

evening all, popping in quickly..

just closed my long from 10265 for + 300. shabba dabba doo. shame that 10,750 wasnt hit. ah well.

we have moved up approx 600 points from last months low. thats a months range, and as a result i am now short from 10570...

big move south approaching..

perhaps another months range move south, and then some

FC

 

[kriesau]

Is this the last surge.....?

The VIX went up 9% yesterday but down today near 8%....

10600 should prove difficult......

Trader Tom has stated that the black box system has fired a sell signal....

He also calls the 1206 region the top for the S&P....

Really looks like the last punch....

This Bull rally started on Friday May 13th
The high (to date) was at 10590 last Monday :!:

 

[SOCRATES]

This Bull rally started on Friday May 13th
The high (to date) was at 10590 last Monday :!:

Now do you understand why I said Friday the 13th was a day set aside for mischief ?

 

[rrtech]

Hi Roguetrader could you explain how fib. retracement works and what time periods it can be used on.

 

[User]

The best thing to do is not to panick......I entered shorts last week with 200 point stoploss and in fairness nothing much is happened to them.....

Infact I've added today....

This upside is great in terms of the wipeout of yesterdays losses but I'm just not convinced.....

Should be a very interesting close today.......

If we can give back some of the gains and close below last Mondays high or below 10550 then that'll good.....

The shorts are in play and with a 200 point stop loss.....so far we are just seeing movement.....

nothing more....

 

[roguetrader]

Hi Roguetrader could you explain how fib. retracement works and what time periods it can be used on.

Not ananswer for the middle of a trading day, here are a few links that may help, can't vouch for the content without re reading them, there may also be stuff on this site if you search. They are valid in all time frames.

http://www.stockta.com/fibonacci.html

http://www.woodingtrading.com/fibonacciretracement.html

http://daytrading.about.com/cs/charts/a/fibonacci.htm

 

[josbarr]

10575 now

" The ISM's manufacturing index came in at 51.4 for May, its lowest level since June 2003, and below the 52 economists had expected. Wall Street was pleased, however, that it hadn't dropped below 50, which would indicate a contraction; as long as the index remains above 50, it means the sector is continuing to expand, as it has for the last 24 months. In addition, the "prices paid" component, which measures the percentage of purchasing managers that report paying higher prices for raw materials, declined substantially, from 71 percent in April to 58 percent in May "

 

[senyorqueso]

Economic news release and a very nice move.

He he senyorqueso, you gonna need a newsfeed if you are gonna daytrade

You're right there. I can only half watch what's going on during the day anyway while at work - just trying to get something out of trading the US pm session at the moment - so missed the move this morning - will be interesting to see how things continue today...

 

[Racer]

Oil is certainly soaring today

 

[kriesau]

Oil is certainly soaring today

Yep, up over 4% but it doesn't appear to have spooked the markets !

 

[kriesau]

Yep, up over 4% but it doesn't appear to have spooked the markets !

Ooops - looks like they were just spooked - good timing Racer, YOU'RE a genius !

 

[Racer]

Delayed/slow thinking.....