Where is the Dow & others heading in 2005?

[User]

Long at 10871. Quick trade of support.

 

[User]

Hmmmm excellent! Went long near the low of the day and crude figure makes the dow go higher and makes my crude shorts go lower. This week is turning out near enough perfect!

 

[User]

Crude should fall to $54 a barrel and Dow should start to touch 10940.

 

[lemput]

crude is here to stay... dow might come back a bit. figures were not blowout enough

 

[User]

Crude figures - The build up of oil was much more then traders expected! It was a strong figure in terms of sending the oil price down.


What you are seeing now is just technical activity. 5520 is major resistance and crude should fall later on in the session. $54 is expected.

 

[lemput]

thats true enough user, but people seem to want to just buy the market. it's like the dow, you would have thought that oil/yields story would have wiped more off than it did. But no, people at the moment are taking every opportunity to go long.

 

[FetteredChinos]

balls..

slightly annoyed it missed my long entry by 10 points..

still, a system is a system...

target would have been 11,010 as well..

satchel and lunchbox

 

[User]

That appears to be the case but is not as simple as that.

Crude now travelling towards $54 a barrel as we speak. The Dow recent rall, breakout as not been a case of EXTREME buying as it is not overbought! It has been a case of short stop losses being triggered which in effect causes the market to head higher hence on low volume.

Similar with oil - short stop losses being triggered. Now I'm begining to wonder if we will see $56 a barrel. I think a test of $50 a barrel may be likely.

 

[tradesmart]

slightly annoyed it missed my long entry by 10 points..

You might have a good chance to get onboard cheap again FC..

I don't think that there is the support for an attack on 11000 straight up from here (895 now)

I think the price is going to make some geometry pending the catalyst for a breakout..

Could be the Intel report after the bell tomorrow - I've seen Intel alone move the Dow 100...

and of course if oil stays down that will help....

 

[lemput]

look slike make or break. 54-55 range. whichever breaks should get a lift. I'm watching heating oil, its leading this rally.

 

[FetteredChinos]

. I'm watching heating oil, its leading this rally.

so am i, its bloody freezing in here.

 

[User]

lemput your spot on.

I'm watching 5387 and 5520. Make or break for long and short. Support and resistance figures!

Lets see hey.

Dow playing with 10900.

 

[lemput]

i'm not in crude, but am quite short the dow so it would be nice to see an upside breakout. Yet the continual failure of 55.20 maybe indicates some profit taking is overdue. It might be that Crude just does nothing, and sits between the figures. We're due a day when we don't go $2 crazy. Where do you think the big sell stops are lined up user? 55.30 andf then bang?

 

[User]

I would say so. But then we have resistance at the highs.

Abit like the Dow we had the breakout at resistance and now can't seem to test the major resistance at 11,000.

I'm long dow and short crude so higher crude prices would not be a good result for me. Both trades have been entered from a technical perspective!

$5510 short as $5520 is resistance and long at 10871 as 10850-70 should act as support as that was the breakout area. If it doesn't work out then thats just tough luck and I just followed technical stuff.

So whatever happens we see what develops from todays action

 

[roguetrader]

Choppy going todya, lot of indecision out there, money does not want to commit either way it seems.

 

[lemput]

breakout on crude... 55.40

 

[RUDEBOY]

Only a relatively small amount of resistive volume pulled the early move back, how long will the bears be in control for?

 

[roguetrader]

Anybody follow TRIN, not sure my feed is accurate am reading 0.65 NYSE at the moment?

 

[User]

Crude broken out and if it stays where it is then a slide on the Dow later in the session will be likely. If Crude gives back the days gains then we see the Dow edge higher which would be pretty obvious.

 

[pttrader]

By the way I sold my long position of 10925 at 10943 for a profit of 18 points or $90.00 per contract. It didn't hit my obejctive but I got out with some profit. I also went long at 10904 yesterday and sold at 10920 for another $80.00 per contract.

Went long today at 10883 and sold at 10899 for 16pts or $80.00 per contract.

Missed the big slide down. Bramble you were right. It has almost made 10850.

PT