macbonzo
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No we are running out of steam. We were up over 90 and now only 32. I don't think we can blame it on the rise in oil, but I wonder, with Sept Consumer Confidence out tomorrow, is the Dow worth getting short on in advance?
Even with relatively good market internals, and with BA, WMT, MCD all nicely up, the Dow looks like it is struggling big time.
Even with relatively good market internals, and with BA, WMT, MCD all nicely up, the Dow looks like it is struggling big time.
Options expiry was only a week ago - seems longer..
The program trading stats for that week are now available. 70.9%, up 16.7% on the previous week.
Racer said:
The program trading stats for that week are now available. 70.9%, up 16.7% on the previous week.
macbonzo
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I said yesterday, that I thought unless the Dow could achieve at least a 75 point gain it would indicate a weak market. Despite the Rita fallout being much less severe than it might have been, Boeing up strongly and oil being down for much of the day ( I know it did rise $1.70 later), the market gave up a 90 point gain and finished up 24 points.
Now, I have a general disdain for rent-a-gobs, but I noticed that Dennis Gartman (Gartman newletter), called yesterday "the most important session day of the year" and said in the morning that he did not expect the indices to sustain their gains until the close.
In terms of sentiment could we have reached the point that the majority of market participants are seeing the glass as half empty instead of half full?
Now, I have a general disdain for rent-a-gobs, but I noticed that Dennis Gartman (Gartman newletter), called yesterday "the most important session day of the year" and said in the morning that he did not expect the indices to sustain their gains until the close.
In terms of sentiment could we have reached the point that the majority of market participants are seeing the glass as half empty instead of half full?
macbonzo
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Couple of things, we've got the first post Katrina Consumer Confidence report at 3.00pm and Greenspan is talking at the National Association of Business Economists at 2.45pm. Greenspan spooked the market yesterday, he may do it again.
The Consumer Confidence figure (exp 98) will be very interesting.
The Consumer Confidence figure (exp 98) will be very interesting.
Racer
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macbonzo said:
Greenspan could be a hidden bombshell.. he is leaving soon and he may not want to get the blame for the problems to come, so he may be a bit stronger in his comments about the 'conundrums' and 'risks' to the economy.
Sort of 'don't blame me cos I told you so' sort of thing!
dow analysis?
I think the Dow may be back in a repeating range again
10,427 support 10,540 resistance
BUT it all comes down to the supply and demand of OIL
10,375 is the next support if it drops through 10,427
and 10,633 the next resistance if it breaks above 10,540
this is just my view, not advice.
regards
rav700 said:I am expecting the dow jones touch the 10360 level again within the next day or so any one in agreement here......
I think the Dow may be back in a repeating range again
10,427 support 10,540 resistance
BUT it all comes down to the supply and demand of OIL
10,375 is the next support if it drops through 10,427
and 10,633 the next resistance if it breaks above 10,540
this is just my view, not advice.
regards
Oil currently $65.50.
Gold down $8 or nearly 2% today !
Consumer confidence down 19pts - biggest one month drop in 15 years !
August new house sales nearly 10% below July !
Boeing & IBM holding up the Dow today.
Greenspan speaks in Chicago at 19.45pm !
Short at 10442.
Gold down $8 or nearly 2% today !
Consumer confidence down 19pts - biggest one month drop in 15 years !
August new house sales nearly 10% below July !
Boeing & IBM holding up the Dow today.
Greenspan speaks in Chicago at 19.45pm !
Short at 10442.
Well the Dow has been resilient so far today trading within a narrow range of 30pts above and below last nights close.twiggytwo said:I think the Dow may be back in a repeating range again
10,427 support 10,540 resistance
BUT it all comes down to the supply and demand of OIL
10,375 is the next support if it drops through 10,427
and 10,633 the next resistance if it breaks above 10,540
this is just my view, not advice.
regards
Oil slightly down at $65.40. Will Greenspan prick the balloon in Chicago today or will he stay on the same page of the Hymn Book as the PPT ? ?
im totally in agreement with you on this rav,but if we do break 10360 im expecting a larger move down to at least 10000. for the moment im thinking we will remain rangebound. never the less grab your coats,theres rain coming....rav700 said:I am expecting the dow jones touch the 10360 level again within the next day or so any one in agreement here......
rav700
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From what I have heard the market has gone up 40 point not due to Mr Greenspans speech but due to oil closing significantly lower hmmmm.
I am still of the view that the market will come down in the next couple of days and there will be some heavy selling,taking month end into consideration... might be wrong on time will tell.
I am still going to be shorting the market at the 10500 level...
I am still of the view that the market will come down in the next couple of days and there will be some heavy selling,taking month end into consideration... might be wrong on time will tell.
I am still going to be shorting the market at the 10500 level...
