Where is the Dow & others heading in 2005?

[Racer]

A bit of a pullback but so far not enough for the bears

but a break of 10865/70 could lead to 10740/50

 

[Racer]

Monday is the first day of trading in Pfizer (NYSEFE) shares after the world's largest drugmaker won a critical US patent ruling on Friday for cholesterol drug Lipitor, the backbone of its current and future profit growth.Pfizer

 

[dc2000]

Im in, anyone else?

 

[Gap Man]

Im in, anyone else?

Yup - on the hunt for 830 - assuming we're still on the same side....

 

[dc2000]

Oh yes same same

 

[Racer]

Take a look at CAT chart over last 6 months, down over 3% today

http://finance.yahoo.com/q/bc?s=CAT&t=6m

 

[kriesau]

Oh yes same same

What's your target ?
Needs to break support at 10850 if it is going to go down.

 

[dc2000]

target 830

dont want it to go down just provide a decent entry if not I will just play the FTSE for Santa

 

[frugi]

Nasty rejection of R1 on the 5 min chart with inverted hammer.

Now at a decision point. Time to go down more or will the trend remain intact? Don't like the desultry TICK and divergence among indices and key sectors. Also COMP and SPX are below 15 min trendlines which looks rather bearish.

 

[Racer]

which looks rather bearish.

Well you would say that

 

[kriesau]

target 830

dont want it to go down just provide a decent entry if not I will just play the FTSE for Santa

You still short on the FTSE or have you gone long yet ?

 

[frugi]

Now that's what I call nepotism. A minute after I post, Mummy Bear kicks it good and hard. Thank you Mummy Bear.

 

[Racer]

LOL

You are welcome

Notice the CAT is down eh frugi?

 

[dc2000]

No position on FTSE at the mo, I should get one late tomorrow though

 

[dc2000]

have to go out so placing limit to take profit just above support level

 

[leovirgo]

target 830

dont want it to go down just provide a decent entry if not I will just play the FTSE for Santa

Is it cash market target or futures? I've just covered my shorts at 10870+ (cash market CFD). Wanna know if you think it can go down further.. thanks.

Will appreciate reply from others as well..cheers

 

[frugi]

Well we've had 2 impulsive moves down measuring 1:1 so this may be the bottom, but I wouldn't rule out a third push down of another 40 odd points. Cash 860-870 is key.

Let's see what this retrace is like: can it exceed 17 points, the length of the last one, for instance? Channel boundaries and 100 EMA around 938 also should provide some later potential res if it gets there..

Edit COMPX has sup at 2230 which may be worth keeping an eye on too (currently 2236).

 

[Gap Man]

Is it cash market target or futures? I've just covered my shorts at 10870+ (cash market CFD). Wanna know if you think it can go down further.. thanks.

Will appreciate reply from others as well..cheers

Levorigio - it's a cash target...

 

[leovirgo]

Levorigio - it's a cash target...

Thanks Gap Man. I can see it approaching towards 830. I thought I couldn't expect a volatility of 90pts daily move this week. So the next move is up up up? I see alot of bulls in Dow competition.

 

[Gap Man]

Been trailing my stop but just decided to call it a day - closed shorts at 845...

Looking to re-establish longs over the next day or two for holding into year-end - will wait to see what's going on tomorrow an hour or so into the session...

Hope everyone had some in one way or another today.....