It indicates that the market will open down today. Trade deficit for June due an hour before the market opens. We might see a real downer today but a real drop will not be validated until the market breaks long term support at 10500.orky said:
Well you will have to make your own judgement call on that. Depends how much you have at stake and what your normal SL distances are.jonty69 said:
FWIW - if I were in your shoes I would hold and wait. Market should open down and if the June trade deficit comes out above $57bn this could push it down further. Oil is now $65.62 and it appears that the Hedge Funds are buying in anticipation of a further supply/demand imbalance.
If the market breaks below 10600 today it wil probably head down towards the long term support of 10500. If it bounces at 10600 then the upside resistance is in the 10720 - 30 area. If it breaks through that then it could head toward 10800 although this seems is unlikely IMHO.
However the market is so irrational at the moment you cannot rule anything out. Its overdue a downside correction but when is still the big question.
Racer
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kriesau said:
Yes that is very true, I have just about given up trying to think where this market is going to go to now, someone posted a link a few pages ago that described this time of year very well...
'wait, wait, wait... then whoosh up.... wait wait wait, then whoosh down'
Or words to that effect
Trade Deficit for June at $58.8bn.Racer said:Yes that is very true, I have just about given up trying to think where this market is going to go to now, someone posted a link a few pages ago that described this time of year very well...
'wait, wait, wait... then whoosh up.... wait wait wait, then whoosh down'
Or words to that effect
Oil at $65.95
How much more bad news can this market just absorb and shrug off !
Pat494
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IMO to understand the current market one needs to understand commodities.
To regress a little, a vast generalisation can be applied to whole decades, give or take a few years.
The eighties were about Japanese growth
The nineties were about Japan's slump and ending with high tech.
The "noorties" ARE about commodities. China's and India's thirst for raw materials has skewed the normal market. Commodities I think will play an ever increasing role in the World economy as they get into an ever shorter supply.
This coupled with the huge amounts of oil money to invest will push stock markets, gold and property up and up.
To regress a little, a vast generalisation can be applied to whole decades, give or take a few years.
The eighties were about Japanese growth
The nineties were about Japan's slump and ending with high tech.
The "noorties" ARE about commodities. China's and India's thirst for raw materials has skewed the normal market. Commodities I think will play an ever increasing role in the World economy as they get into an ever shorter supply.
This coupled with the huge amounts of oil money to invest will push stock markets, gold and property up and up.
Pat494
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Pat494 said:
Sorry to bang on about stops.
But I think it may be of interest to some members that the other thread mentioned yesterday ( Daily signals on indices ) took a 43 point loss on the Dow, when in fact they got the close of 10686 exactly right and would have made a pretty 49 point gain if they hadn't employed a stop.
The obvious caution is of course that daily cash bets without stops, are not for beginners or the unwary.
Another plus is that the daily cash spread closes without charging a spread.
Anyway amid cries of rubbish and heresy etc. I rest my case.
Have a good day
Pat
