12000 Weekly close...What next? Sky's the limit? Not Quite...

[User]

Weekly Close Above 12000......

Is that because we going higher and higher and higher......?

Nope

Its just to get more suckers in before the plug is pulled......



Those of you that don't believe it......

Well not many believed it in 2000......

Nor did they believe that the market was tired of downside in Oct 02 and Mar 03

Oh Well

Have a look at the Weekly chart interpretation I have attached.

Good Luck

 

[User]

This chart of the S&P500 is even better to suggest that current levels of the market are worth shorting heavily for a major long term trade that would give good returns to the downside on a long term view!

The charts attached are worth looking at!!

Good Luck

 

[damianoakley]

Weekly Close Above 12000......

Is that because we going higher and higher and higher......?

Nope

Its just to get more suckers in before the plug is pulled......



Those of you that don't believe it......

Well not many believed it in 2000......

Nor did they believe that the market was tired of downside in Oct 02 and Mar 03

Oh Well

Have a look at the Weekly chart interpretation I have attached.

Good Luck

Hi User,

Being a trader of U.S. Stocks, I'm watching this closely at the moment.

It will be interesting to see where the DOW goes from here. I have to say that at the moment, none of my market indicators are predicting the crash that you seem to think is imminent.


Thanks

Damian

 

[andycan]

the move up of late has been parabolic common sense says to me to be looking for shorts here but my timing and pricing model does not agree
if my forcast is correct we should have a retracement to the 1330 area cash basis and then one final launch to the mid 1400 and we should do it before december

 

[Bez]

I agree about one final leg up...but I have the ED time frame to finish March-May time 07 .I'll narrow down the time window as we get closer...

I put a checky SPX chart up here....

http://www.trade2win.com/boards/showpost.php?p=283166&postcount=1062

 

[andycan]

you could well be right Bez
the timing for the expected high seems too short but i adjust my road map as it goes along

 

[laptop1]

The Dow $Transports have been the leader in this bull market, the Dow followed it. But not so for the S&P and Nas..Tech have kept the S&P from making new all times highs...I think we got more to go. I would not take much notice of 12,000k on the Dow. this is only for TV, such as bloom and CNBC. I see the Dow go on to make 12300/500 easy...This market will fool lots and it will be expensive to short. I was around in 2000. But this market is different to then..all the three indices was making all time new highs back then. Today this is not the case.Pluss you got the USA election and the Pluto Crazy are not going to let this market drop. well for the time being.

 

[User]

Its going to be exciting to see what this week will bring......

Good Luck all

 

[roguetrader]

The Dow $Transports have been the leader in this bull market, the Dow followed it. But not so for the S&P and Nas..Tech have kept the S&P from making new all times highs...I think we got more to go. I would not take much notice of 12,000k on the Dow. this is only for TV, such as bloom and CNBC. I see the Dow go on to make 12300/500 easy...This market will fool lots and it will be expensive to short. I was around in 2000. But this market is different to then..all the three indices was making all time new highs back then. Today this is not the case.Pluss you got the USA election and the Pluto Crazy are not going to let this market drop. well for the time being.

Some good points there, the over riding one being, don't just go shorting this market cause it's over-bought, or had a long run. People have been calling a top and the next big leg down in the bear market fo about the last 2 years, prolly have myself at points, and I'd be lying if I said I wasn't a little surprised at where we find ourselves at the moment, but I can afford to be surprised by that, since I don't trade longer term. This market is running on bull euphoria, and as such it may surprise many how far it goes. So far the 1370 - 1380 area on SPX is intact and remains my potential target, that leaves open for me the possiblilty of DOW 12,200 ish. Any time any sort of high is hit 'remember 2000' comes out. It's true, we should remember all the crashes, but we should also remember what it would have been like to short it all the way up.
The fly in the ointment for further advance imho remains the Nas and its lead sector, the SOX, they represent the eagerness of speculative money to take part, and that's woefully weak at the moment, but should that change, then things would become interesting. Until then, I'd say enjoy the view from up here :, and if still carrying longs, keep 'em on a short leash.

 

[Bez]

The measured move of the last wave (impluse 6 to 7) ....should give a very good natural pressure point for the EW'ers ?

CMC charts give it around the 12160 area....Cash INDU will be slightly diff..

Should add the 150% ext of w7 to w8 comes in just above as well.....

 

[Kiwi Trader]

I'm short Taiwan from this point at EOD 315.3. Quite excited about it, postmarket session is already down a bit, and US futures are below best levels.

I'd really like some opinions of this simple chart-since I belives (with the close correlation Nasdaq/TW) that it points to a top....please give your views....

Thanks in advance.

 

[catracho]

possibly..but a couple of more indicators may help..RSI, MACD...may give you an idea if the latest move up to match the highs has the backing of buyers..or whether the move is showing underlying weakness..in the first case your best hope is for a return to the lower trend line; seems like a good probability;..and you've got a good place for a stop (should it break to new highs)..good luck!

 

[Kiwi Trader]

thanks, I fear that if I'm wrong, it means market is bursting up more-maybe 320 + ...... Also I see it has been tightly bunched ready to move up-and timing the top is difficult without using RSI/MACD etc. I'll lighten up somewhat and play around the position on Monday.

Edit: I ended up holding all the position over the weekend. THEY kept pudhing the afternoon session futures up, to the point it wasn't worth while taking that loss. Also, I saw US futures looking weak, like a trap-and combined with expected bad news from ISM, and technical factors, I made the call.

Well, Dow -140- or so, rebounding to -25 at the close. Hmmmm, was that another fake bounce, or a fake decline?

 

[dcarrigan]

thanks, I fear that if I'm wrong, it means market is bursting up more-maybe 320 + ...... Also I see it has been tightly bunched ready to move up-and timing the top is difficult without using RSI/MACD etc. I'll lighten up somewhat and play around the position on Monday.

Edit: I ended up holding all the position over the weekend. THEY kept pudhing the afternoon session futures up, to the point it wasn't worth while taking that loss. Also, I saw US futures looking weak, like a trap-and combined with expected bad news from ISM, and technical factors, I made the call.

Well, Dow -140- or so, rebounding to -25 at the close. Hmmmm, was that another fake bounce, or a fake decline?

think you need to watch mondays usa markets closely,

We will keep a close eye on 12,250 Monday, as an upside push through this zone should make for huge strength toward a target of about 12,645. That's right; this triangle has a huge 395 point back end and could explode in either direction. Also watch the bottom of the pattern at 12,050.

Short Term Dow

The Dow closed the day just beneath intraday resistance at 12,220, seen in the 5 Minute Chart. Watch this zone closely for direction Monday.

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