Chocolate
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I don't think the DOW is going to break the 11750, but what do I know. There's one thing that concerns me. If this is an intermediate top, it would be a top which hasn't really spiked. Any shorters have had plenty of time to get in at a pretty good price if this were an intermediate top, so I have a question for the experts...are intermediate tops and bottoms usually spikes as I think they are, or is it quite usual for them to hold the point at which they turn for a period of time without really spiking higher. I'm going to have a look at some charts myself to investigate this, but any further comments on usual and unusual behaviour and what it might signify at a deeper level would be much appreciated!
roguetrader
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Actually I'd say it has nothing to do with prohibition, they're not stopping anyone from gambling, just restricting where they do it, or more importantly who with. Gambling is big business in the US with powerful influence, this is simply a move to protect that earner from the outside world.
Pat494
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roguetrader said:
Fear and greed are the two BIG motivators of US policy. Religion is in the mix too, but usually used as an excuse for the other 2. The Romans had the same rather dubious parts to their character. On reflection I tend to agree with you RT. In the fulness of time I expect the facts of who bribed or intimidated who to reach this decision will come to light. A $30 billion a year industry isnt going to let the online competitors take away even some of their business without a fight.
No I am not a Bin Laden's supporter ( to our US friends ) or anti-US. More like colleagues who try to point out the pits before our friendly rivals fall in and completely demolish themselves. Usually get a kicking from both sides for one's trouble though.
Question is whether we will see an intraday ATH today or later in the week.dc2000 said:
The unemployment and non farm payroll figures on Friday could be a catalyst !
At the moment declining oil and gold prices are holding it up.
LONDON, Oct 3 (Reuters) Oil tumbled $2 on Tuesday to below $60 a barrel, sinking to the lowest level since February and prompting OPEC's president to call on the exporter group to deepen supply cuts. Prices fell for a second day, pressured by ample fuel stockpiles in top consumer the United States and no public evidence of other OPEC members joining Nigeria and Venezuela in cutting output. "We believe that the market is slightly oversupplied," OPEC President Edmund Daukoru, who is also Nigeria's top oil official, told Reuters by telephone. "(Today's drop in the oil price) vindicates what Nigeria is doing and I hope other members will act in the same way." U.S. crude lost $2.03 to $59.00 a barrel by 1521 GMT, after falling as low as $58.95, the lowest since Feb. 17. London Brent dropped $1.94 to $58.51. Oil's drop oil spilled into other commodities. Gold slipped nearly three percent as the decline in crude prices reduced the metal's appeal as a hedge against inflation, dealers said. Nigeria and Venezuela last week pledged to cut supply from Oct. 1 by about 170,000 barrels per day, or less than 1 percent of OPEC's total output.
Still looking for a good short entry point and watching the NDX as the potential lead horse for a significant move down !
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ATH hit today !
NEW YORK (CNNMoney.com). The Dow Jones industrial average rose to its highest level ever Tuesday afternoon, taking out the record trading high hit in January 2000 before stepping back a little, as investors scooped up a variety of shares amid slumping oil prices. The Dow industrials added 0.6 percent roughly 3 hours into the session and took out its all-time trading high of 11,750.28 hit on Jan. 14, 2000. The Dow reached as high as 11,754.55 before easing.
NEW YORK (CNNMoney.com). The Dow Jones industrial average rose to its highest level ever Tuesday afternoon, taking out the record trading high hit in January 2000 before stepping back a little, as investors scooped up a variety of shares amid slumping oil prices. The Dow industrials added 0.6 percent roughly 3 hours into the session and took out its all-time trading high of 11,750.28 hit on Jan. 14, 2000. The Dow reached as high as 11,754.55 before easing.
Wow - Gold and Oil being absolutely hammered today :!:
Gold down $23 - thats 4% !!!
Oil down nearly $4 - thats 5%
Goldilocks must be shovelling that porridge down in double quick time.
Can't help thinking that the PPI is out there pulling strings !
Gold down $23 - thats 4% !!!
Oil down nearly $4 - thats 5%
Goldilocks must be shovelling that porridge down in double quick time.
Can't help thinking that the PPI is out there pulling strings !
rav700
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Hook Shot said:
The dow make me laugh mate sometimes.................these investors are just all acting on sentiments.................
I made more money today on the dow then the last 7 days where I stressed about my trade.......
All they wanna do is close above 23 I have my binary bet in as well
for Wall street greater than 50 points and I have put loads of money into this one............
Lets watch this close
chindl
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I'm not too sure that the PPT are involved here, this is all magnetic and the commodity weakness across the board helped to assist this. The majority of commodities entered a weak period when grains failed to kick on in the seasonal period during the summer, following which we had the flight back to the equities. The weakness in the Crude complex only fuelled these flames. One things for sure, from a day trading of the Dow perspective, I wish this top would top out so we can get it over and done with, it is too unpredictable.
What a move in the metals though, astounding bonus if you get on the right side of that. Especially if you're shorting HGC. There is a huge triangle forming on Gold now and Silver has dropped significantly more than Gold today, some 2% more, which is very bearish for the yellow metal given it wil usually lead. Looking at all the comms, everything bar the indices closed in the negative. IMM cable managed a doji. Maybe there is a little more in the tank..... Naz slightly outperformed the Dow which is also a positive the for Dow in the short term.
Enjoy the rest of the evening chaps.
Chris
PS - Laptop - good call. Slight gap down on the cash this morning and we went to the new territory as predicted.
PPS - Rav - glad to hear you got your just desserts
What a move in the metals though, astounding bonus if you get on the right side of that. Especially if you're shorting HGC. There is a huge triangle forming on Gold now and Silver has dropped significantly more than Gold today, some 2% more, which is very bearish for the yellow metal given it wil usually lead. Looking at all the comms, everything bar the indices closed in the negative. IMM cable managed a doji. Maybe there is a little more in the tank..... Naz slightly outperformed the Dow which is also a positive the for Dow in the short term.
Enjoy the rest of the evening chaps.
Chris
PS - Laptop - good call. Slight gap down on the cash this morning and we went to the new territory as predicted.
PPS - Rav - glad to hear you got your just desserts
rav700
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chindl said:
I have recovered with great spirits and to be honest I agree chindi ............still no proper direction on the market it may fall at any time so be aware..................
Personally now I think enough is enough........Dow is already down -9 according to spreadbetters.......
Best of luck
Happy Trading
Rav
This might just push oil prices back up and that would spoil the Bulls current fiesta !
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UN Diplomats Say EU-Iran Talks Appear To Have Failed
03 Oct 2006 19:28 GMT DJ
NEW YORK (AP)--Iran's refusal to freeze uranium enrichment has torpedoed talks meant to defuse the standoff over Tehran's nuclear defiance and the U.N. Security Council will start focusing on sanctions against the Islamic republic next week, senior U.N. diplomats said Tuesday. The diplomats spoke on condition of anonymity, citing an agreement not to publicly pronounce the negotiations dead before talks set for Wednesday between European Union envoy Javier Solana and Ali Larijani, Tehran's chief nuclear negotiator, in an attempt to bridge differences. The two are scheduled to speak by telephone.
But John Bolton, the U.S. ambassador to the United Nations, told The Associated Press: "It's only a very short time before we'll be seeking sanctions" unless Iran complies with international demands to suspend enrichment. And, he added, "There is not a single sign that they're prepared to give up" the activity, which can be misused to make fissile material to arm nuclear warheads. The talks had been billed as a last-ditch attempt to head off a building confrontation between Iran and the Security Council, after Tehran ignored an Aug. 31 deadline to suspend enrichment or face punishment. Diplomats familiar with the progress of several rounds of negotiations between Solana and Larijani had told the AP that the prospect of up to a three-month extension of the enrichment freeze had been floated, and both men until recently had spoken of progress in resolving the impasse. But on Tuesday, one of the diplomats said that Larijani - considered a moderate - had informed Solana at weekend talks in Berlin that he had been unable to sell the concept of even a limited enrichment freeze to the more hardline leadership in Tehran.
With both sides standing firm on the enrichment issue, "the talks are considered a failure" in key European capitals, said the diplomat, adding that Wednesday's planned telephone conversation between Larijani and Solana would most likely focus on how to publicly acknowledge that fact and announce the end of discussions. That is to be followed by a meeting Friday in London by the foreign ministers of the five permanent Security Council nations and Germany or their senior representatives to plan further actions concerning Iran. It was those countries that spearheaded the latest effort to persuade Tehran to renounce enrichment by offering it a package of economic and political rewards if it cooperated - and warning of the prospect of punitive action by the Security Council if it did not.
Then, the Security Council could meet as early as Monday to start work on a resolution imposing the first of a series of sanctions meant to make Iran cooperate. The diplomat said the key Western council members - the U.S., the U.K. and France - favor imposing an embargo on sales of nuclear or missile technology to Tehran as a first step, to be followed by other curbs, including travel bans on Iranian officials and the freezing of their assets. While relatively mild, such punishments are meant to maintain council unity in the face of months of opposition from Russia and China, the other two council members, to any sanctions.
One of the diplomats said that Russia recently had moved closer to the three Western council nations and would likely support sanctions, as long as they weren't too harsh. But another said Moscow could still be opposed. They both agreed that China remained skeptical about using such punishment to rein in Iran. Both Moscow and Beijing are Tehran's economic partners and have been traditionally opposed to sanctions as a Security Council tool, fearing they could ultimately lead to the council's most potent weapon - the threat of military action.
In refusing to give up development of an enrichment program, oil-rich Iran says it has a right to the technology as an alternate means of generating power. But Bolton on Tuesday dismissed that argument. "They've been throwing sand into the eyes of the people concerned about their weapons program for three years now," he said, alluding to the more than three-year investigation by the International Atomic Energy Agency into suspicious nuclear activities. While the agency says it has found no "smoking gun" proving Iran has a secret weapons program, its worrying findings - including revelations of secret plutonium experiments by Tehran and its possession of a diagram showing how to mold weapons-grade uranium into the shape of nuclear warheads - has increased suspicions.
In an attempt to ease the pressure, a top Iranian official on Tuesday revived an earlier proposal of foreign oversight of its enrichment activities. Mohammad Saeedi, deputy chief of Iran's Atomic Energy Organization, suggested that France create a consortium to enrich uranium in Iran. Georges Le Guelte, a nuclear expert at France's Institute for International and Strategic Research, called Saeedi's announcement "a diversion tactic." He said the international community was unlikely to agree to such a deal because the enrichment would still take place on Iranian territory. "This is something that would be almost as dangerous as leaving the Iranians to do it alone," he said.
...........................................................................................................................................................................
UN Diplomats Say EU-Iran Talks Appear To Have Failed
03 Oct 2006 19:28 GMT DJ
NEW YORK (AP)--Iran's refusal to freeze uranium enrichment has torpedoed talks meant to defuse the standoff over Tehran's nuclear defiance and the U.N. Security Council will start focusing on sanctions against the Islamic republic next week, senior U.N. diplomats said Tuesday. The diplomats spoke on condition of anonymity, citing an agreement not to publicly pronounce the negotiations dead before talks set for Wednesday between European Union envoy Javier Solana and Ali Larijani, Tehran's chief nuclear negotiator, in an attempt to bridge differences. The two are scheduled to speak by telephone.
But John Bolton, the U.S. ambassador to the United Nations, told The Associated Press: "It's only a very short time before we'll be seeking sanctions" unless Iran complies with international demands to suspend enrichment. And, he added, "There is not a single sign that they're prepared to give up" the activity, which can be misused to make fissile material to arm nuclear warheads. The talks had been billed as a last-ditch attempt to head off a building confrontation between Iran and the Security Council, after Tehran ignored an Aug. 31 deadline to suspend enrichment or face punishment. Diplomats familiar with the progress of several rounds of negotiations between Solana and Larijani had told the AP that the prospect of up to a three-month extension of the enrichment freeze had been floated, and both men until recently had spoken of progress in resolving the impasse. But on Tuesday, one of the diplomats said that Larijani - considered a moderate - had informed Solana at weekend talks in Berlin that he had been unable to sell the concept of even a limited enrichment freeze to the more hardline leadership in Tehran.
With both sides standing firm on the enrichment issue, "the talks are considered a failure" in key European capitals, said the diplomat, adding that Wednesday's planned telephone conversation between Larijani and Solana would most likely focus on how to publicly acknowledge that fact and announce the end of discussions. That is to be followed by a meeting Friday in London by the foreign ministers of the five permanent Security Council nations and Germany or their senior representatives to plan further actions concerning Iran. It was those countries that spearheaded the latest effort to persuade Tehran to renounce enrichment by offering it a package of economic and political rewards if it cooperated - and warning of the prospect of punitive action by the Security Council if it did not.
Then, the Security Council could meet as early as Monday to start work on a resolution imposing the first of a series of sanctions meant to make Iran cooperate. The diplomat said the key Western council members - the U.S., the U.K. and France - favor imposing an embargo on sales of nuclear or missile technology to Tehran as a first step, to be followed by other curbs, including travel bans on Iranian officials and the freezing of their assets. While relatively mild, such punishments are meant to maintain council unity in the face of months of opposition from Russia and China, the other two council members, to any sanctions.
One of the diplomats said that Russia recently had moved closer to the three Western council nations and would likely support sanctions, as long as they weren't too harsh. But another said Moscow could still be opposed. They both agreed that China remained skeptical about using such punishment to rein in Iran. Both Moscow and Beijing are Tehran's economic partners and have been traditionally opposed to sanctions as a Security Council tool, fearing they could ultimately lead to the council's most potent weapon - the threat of military action.
In refusing to give up development of an enrichment program, oil-rich Iran says it has a right to the technology as an alternate means of generating power. But Bolton on Tuesday dismissed that argument. "They've been throwing sand into the eyes of the people concerned about their weapons program for three years now," he said, alluding to the more than three-year investigation by the International Atomic Energy Agency into suspicious nuclear activities. While the agency says it has found no "smoking gun" proving Iran has a secret weapons program, its worrying findings - including revelations of secret plutonium experiments by Tehran and its possession of a diagram showing how to mold weapons-grade uranium into the shape of nuclear warheads - has increased suspicions.
In an attempt to ease the pressure, a top Iranian official on Tuesday revived an earlier proposal of foreign oversight of its enrichment activities. Mohammad Saeedi, deputy chief of Iran's Atomic Energy Organization, suggested that France create a consortium to enrich uranium in Iran. Georges Le Guelte, a nuclear expert at France's Institute for International and Strategic Research, called Saeedi's announcement "a diversion tactic." He said the international community was unlikely to agree to such a deal because the enrichment would still take place on Iranian territory. "This is something that would be almost as dangerous as leaving the Iranians to do it alone," he said.