Where is the Dow & others heading in 2005?

tightest 20 point range for nearly four hours, the big boys are arguing whether to sell or buy

i reckon they'll buy
 
Last edited:
Up on the roof
Up on the roof
When this old Dow starts getting me down
And traders they just look for the ace
(Up on the roof)
I climb way up to the top of the stairs
And all my trades just drift right into space
(Up on the roof)
On the roof, it's peaceful as can be
At 11k nothing will bother me
Let me tell you now​
 
my translation engine has given me two opposite versions of the above, currently looking for tool for scratching head
 
dc,

you didn't give us the tune, I tried it with Shakin Stevens' This Ol' Town and it works a treat

pm on its way?
 
its robson and gerome "up on the roof"

It would be interesting to see the FTSE double top and the DOW at 11015 and the S&P at 1284 at the same time
 
dc2000 said:
its robson and gerome "up on the roof"

It would be interesting to see the FTSE double top and the DOW at 11015 and the S&P at 1284 at the same time

Robson and Gerome :eek: :LOL:
 
mark twain uk said:
I lived a sheltered life, I have no Robson and Gerome records :cry:

Don't know about sheltered, wise perhaps...

Long here from this moring 870's - I like DC's targets but am also feeling particuarly wary today so will not be running wide stops - currently sitting a shade under yesterday's low....
 
Shhesh there goes me street cred

should have picked something by Motorhead, Kiss, Motley Crue

Long here from this moring 870's

about the same from last night, again not too greedy so 100 points will be fine
 
Last edited:
To be frank, these four witching days, are the days in which more people make loss - making trades than any other days of the year. The problem is, everyone has a theory of what is likely to happen. Thus far today has been pretty calm. The advannce/decline line on NYSE and Dow would suggest strength but Nasdaq is negative.

It strikes me that the sellers are around, but as a very short - term trader I only trade what a see. On a day like today. I try to avoid anticipation.

I will make one prediction though. The highs of the year are in.
 
Dow H&S ?
 

Attachments

  • untitled.JPG
    untitled.JPG
    69.2 KB · Views: 238
Textbook stuff, although the persistent low velocity not what I expected today at all. There was only a single minute bar at 16:46 I think with any decent scurrying. Still, we got the usual reasonably wide expiry range allowing the big folk to offload various (option) positions, no doubt to their advantage.

H&S target almost met with 5 waves down, a few points shy as the lower channel line A took early precedence and anyone who wanted to buy the obvious 920 support was denied. Note how when point x had printed one could draw a parallel line B from the high which perfectly contained the tricky wave 4 pullback of the afternoon down trend. The Dow seems to adore parallel channels. Pullback just exceeded a 1:1 when compared to the previous (wave 2) one, adding conviction those considering a short around 10965. There was also a nice low-risk entry indicated by the inverted hammer which formed the top of the right shoulder arouind 16:30.

Once the neckline was broken, it was mean of them to not just kiss it on the test, but take out a few stops in the 960-965 area instead, but then the market is like that. She likes to hunt the obvious. :) Red and yellow horizontal lines are pivot points.

Have a good weekend everyone.
 

Attachments

  • untitled.JPG
    untitled.JPG
    76.8 KB · Views: 226
I went short at 10930 and 1274 and then was on the motorway for four hours trying to get updates by phone. Closed at 9:00 at 880 and 269 for 50 points each, only to come home now and find out that the sell off continued into the close. Still, not a bad deal, considering that I was driving. Plus I needed it to cover for a long on UK crude which went badly wrong, it dropped $2 since 3:00, that's 200 points, luckily it was only for a small bet, so it is more than covered by the dow, sp and ftse shorts.
 
Top