Trading the SPX

[Racer]

The media reaction to me seems to be rabbit in the headlights

 

[Racer]

Haven't got access to my other chart program at the moment but was looking at 5 year candle chart on another program (harder to draw lines on it, I normally don't bother, so excuse the placing!)
this is shorter view but the grey trendline extends to the 2003 bottom.
If.. we are in new downtrend then next target could be green trendline

 

[Racer]

As a follow on to previous post, I would suggest that the bearish rising wedge that has been in place for some time, is now broken

 

[Racer]

S&P, Dow have come up approx 50% from lows

And now having difficulty putting on gains over the last year, add other economic factors into this and consumer sentiment/spending decreasing, and company earnings having difficulty keeping up the high growth rates they have had up to now, will the market be able to contiue to go up faced with these headwinds?

 

[Racer]

Some things are NOT subjective

Not subjective: Rules:

A genuine practitioner always follows the rules and adheres as closely as practicable to the guidelines.

Julian

Joules thank you for the post
I bow to your far superior knowledge of Elliott

 

[Racer]

Joules what is your opinion of the performance of the XJO for Monday? Considering it fell a lot last week?

 

[Racer]

As a follow on to previous post, I would suggest that the bearish rising wedge that has been in place for some time, is now broken

Update on chart
the next target has now opened to 1165 and below, a short term falling wedge pattern (bullish) has now failed and broken to downside indicating a potential target of 1150
So bulls all hands to the pumps...if you want to push it up!

 

[RUDEBOY]

Is it false? Is it buggery. Trade the down side. What has it to become false about at this stage? Why would price lie in such a silly way? Price is very sincere.

 

[roguetrader]

The following charts show the Add/Dec and Vol breadth for the NYSE and Nasdaq markets, they are 15min interval over the past several days. Thought they may be of interest to you.

 

[Racer]

I would suggest reading thisMinutes

 

[Racer]

(Dow Jones) Chicago Merc (CME) stock extends losses after news of liquidity problems at Refco (RFX) unit. Shares off 7.3% to $295.75. RFX is among Merc's biggest customers, and there are concerns that problems at brokerage could sap trading volume at the exchange. (SCW)

 

[Racer]

In light of recent events, the liquidity within the Company's non regulated subsidiary Refco Capital Markets, Ltd., which represents a material portion of the business of the Company, is no longer sufficient to continue operations. The Company has therefore imposed a 15 day moratorium on all activities of Refco Capital Markets, Ltd. to protect the value of the enterprise.


About Refco Inc.

Refco Inc. (NYSE: RFX) is a diversified financial services organization with operations in 14 countries and an extensive global institutional and retail client base. Refco's worldwide subsidiaries are members of principal U.S. and international exchanges, and are among the most active members of futures exchanges in Chicago, New York, London and Singapore. In addition to its futures brokerage activities, Refco is a major broker of cash market products, including foreign exchange, foreign exchange options, government securities, domestic and international equities, emerging market debt, and OTC financial and commodity products. Refco is one of the largest global clearing firms for derivatives

 

[lemput]

my tuppence on the SPX. - likely test of the years low but personally I would be a medium term buyer of the 1140-1150 region. have sold options in those areas in the past and will look to do so again. Just like on the upside I think we have to test how far the bottom of this range will extend to. I would be looking for a wash out somewhere near aforementioned target and then the traditional winter rally will suck a load in.

 

[Racer]

0.5% 3 reversal and 1% 3reversal

 

[badtrader]

Racer is the chart set up to draw 45 degree angles

 

[Racer]

Racer is the chart set up to draw 45 degree angles

Yes

 

[Racer]

Just read the story on this page..

I nearly fell over when I read it!


Inflation is under control although the headline inflation figure surged at the fastest pace in more than 25 years,

 

[Racer]

A big problem with spreadbetters feeds today, so check your trades and stops over the weekend

 

[Racer]

Kudos to Frugi

SPX achieved the 1186 as picked .

Have a good weekend.

Yes seconded on that!

 

[Racer]

Food for thought

Ebay has bought Skype for $2.6Billion

Skype expects to make $60 million by the end of the year and predictions it will make in excess of $200 million by end of 2006