roguetrader
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Doubt mucch of that was short covering, Racer, most intraday traders get flat ahead of market moving news like that so they can react whichever way and I'd imagine most of the longer term players like yourself would be positioned to absorb that sort of a reaction
User
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So now we hit my 10500. Great stuff. We shouldn't have much of problem to reach around 10700 area as todays move will be noticed by all traders as a solid move of support.
10550 anyone?
We might play with this 10500 area for the last hour and could well end up at around at 10520.
roguetrader
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Yes a sweet move indeed.
tradesmart
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Quite a dramatic reversal from the lows today, and proof that the Dow can sometimes rise quicker than it falls…..
The big players are buying bigtime, and the dumb money (speaking for myself here) is probably ill advised to trade against them….
Very likely that resistance at 580 (560 cash) will be tested soon, and often a third test is the prelude to a breakout, and the 200 point height of the current consolidation hints at a rise into the 700’s to fill the gap - some commentators are still positive about an 11000 test….
But as the bears have noted, the earnings season could add a few bricks to the “Wall of Worry”…..(or not…….. )
ps - rather ironic that it was the statement from the Fed meeting a couple of weeks ago that tanked the market, and now the minutes of the same meeting inspire a major rebound........fickle or what....?
The big players are buying bigtime, and the dumb money (speaking for myself here) is probably ill advised to trade against them….
Very likely that resistance at 580 (560 cash) will be tested soon, and often a third test is the prelude to a breakout, and the 200 point height of the current consolidation hints at a rise into the 700’s to fill the gap - some commentators are still positive about an 11000 test….
But as the bears have noted, the earnings season could add a few bricks to the “Wall of Worry”…..(or not……..
)ps - rather ironic that it was the statement from the Fed meeting a couple of weeks ago that tanked the market, and now the minutes of the same meeting inspire a major rebound........fickle or what....?
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tradesmart
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re: Dumb money. Make mine dumber money.
At least you're making some trendie - the US indices are notorious for 'handbrake turns' and it's very tempting to trade with the trend that existed 3 minutes previously, having not noticed the subtle change.....
Me....?......I've perfected the 'sit on hands' technique, backed up by tight and trailing stops....
And who was it who said "hope is not a strategy..."....?!......
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trendie just sit back one moment and try to blank your mind and then look at todays session and pretend you haven't got any trades open.
We hit 10365 area....
Closing above 10400 would have been good as the charts would have shown the support area.......
Closing at 10450 would have been great as that would have been more than a complete reversal as at the open we gapped down around 25 points at the start of the session......
Closing below 10500 would have been excellent but then we could have said that we need to test resistance at 10500 and that would have given your trade a real chance......
A close above 10500 is what we got......
I think we go to 10700 from here.....with ease.
The lowest we could go before moving higher is now 10450 in my opinion and even that doesn't seem likely for tomarrow.......10470-80 maybe before closing the day higher.
Anyway don't panick this is the market and anything could happen so you have every chance of breaking even or even making a profit but it doesn't seem likely when I look at the current chart scenario. :arrowu:
We hit 10365 area....
Closing above 10400 would have been good as the charts would have shown the support area.......
Closing at 10450 would have been great as that would have been more than a complete reversal as at the open we gapped down around 25 points at the start of the session......
Closing below 10500 would have been excellent but then we could have said that we need to test resistance at 10500 and that would have given your trade a real chance......
A close above 10500 is what we got......
I think we go to 10700 from here.....with ease.
The lowest we could go before moving higher is now 10450 in my opinion and even that doesn't seem likely for tomarrow.......10470-80 maybe before closing the day higher.
Anyway don't panick this is the market and anything could happen so you have every chance of breaking even or even making a profit but it doesn't seem likely when I look at the current chart scenario. :arrowu:
Market Internals
Issues ........................................................NYSE .........................................Nasdaq
Advancing................................................. 2,072 ...........................................1,665
Declining ..................................................1,192........................................... 1,363
Unchanged ..................................................166 ..............................................147
Total ..........................................................3,430 ...........................................3,175
Ratio Advancers to Decliners
................................................................ 1.74 .................................................1.22
Volume
Advancing................................... 999,991,000 ....................................1,323,661,000
Declining.................................... 554,263,000 ........................................574,269,000
Unchanged.................................. 22,506,000 ..........................................30,972,000
Total .........................................1,576,760,000 ....................................1,928,902,000
Possible significance of almost double volume in NYSE and almost triple in NASDAQ volumes.
cheers d998.........still bullish for the year.
Issues ........................................................NYSE .........................................Nasdaq
Advancing................................................. 2,072 ...........................................1,665
Declining ..................................................1,192........................................... 1,363
Unchanged ..................................................166 ..............................................147
Total ..........................................................3,430 ...........................................3,175
Ratio Advancers to Decliners
................................................................ 1.74 .................................................1.22
Volume
Advancing................................... 999,991,000 ....................................1,323,661,000
Declining.................................... 554,263,000 ........................................574,269,000
Unchanged.................................. 22,506,000 ..........................................30,972,000
Total .........................................1,576,760,000 ....................................1,928,902,000
Possible significance of almost double volume in NYSE and almost triple in NASDAQ volumes.
cheers d998.........still bullish for the year.
