Dow 2006

[tricks]

lets hope the PPT have got plenty of $$$ to give away cos Im sellin down to 11980 today with a passion

Hi DC,

I am with you on this one, as I was earlier in the week, and I did'nt take the profit! It reversed and took me out for a 'zero' trade. I could have taken a good profit out of that.The Index is obviously right on the 'cusp' (forming lower highs) as I post and just needs to break 12080 to be on it's way, hopefully!
Did you take the money and re-enter as 'FC' also enquired, or did you just take the trade and patiently wait for your target? Hope you are not offended for my asking

 

[karmit]

11900 initial target?

 

[tricks]

Maybe my 'prayers' have been answered! Unless the dreaded PPT step in, but somehow, I suspect that, that is looking increasingly DOWbtful (one hopes). Fingers crossed, trailing stops in, I'm going out for a few drinks and a 'chicken patia!

cheers - Tricks

P.S. Good luck to you all.

 

[tricks]

11900 initial target?

I'm with you on that target Karmit.

Good luck.

Off to the 'local'.

 

[catracho]

dow chart ...

 

[karmit]

Maybe my 'prayers' have been answered! Unless the dreaded PPT step in, but somehow, I suspect that, that is looking increasingly DOWbtful (one hopes). Fingers crossed, trailing stops in, I'm going out for a few drinks and a 'chicken patia!

cheers - Tricks

P.S. Good luck to you all.

Tricks,

Which broker do you use?

The one I'm with doesn't seem to have trailing stops...

 

[dc2000]

Did you take the money and re-enter as 'FC' also enquired, or did you just take the trade and patiently wait for your target? Hope you are not offended for my asking

sorry missed FCs post future trade was held into late Thursday and profit taken, today I am on the DOW cash looking to close in last half hour

 

[leovirgo]

On the sideline today. Grabbed some points during yesterday's decline. Two days before was a loss.

Wish everybody a good weekend!

 

[tricks]

Tricks,

Which broker do you use?

The one I'm with doesn't seem to have trailing stops...

Hi Karmit,

I don't use a broker, I trade with IG Index. Used to use Man Financial years ago (very good trading platform), but I was scalping then, and found the charges were somewhat prohibitive. I was mostly trading the FTSE and the spread was therefore much tighter, but it's now only 2 points with IG anyway. The spreads have come down quite a bit with the SB companies from 6 years back, so I choose to use IG. Having said that, I don't know whether Man have reduced their charges in the interim? It used to be £10 in and £10 out, although I negotiated a smaller fee after a while, due to the large amount of trades I was making daily.

cheers - Tricks

 

[Baldwreck]

Hi Karmit,

I don't use a broker, I trade with IG Index.

On the subject of IG I don't know whether anyone read the article in this weeks Investors Chronicle penned by Warren Firth of IG, the gist of which is:-

"Shorting the DOW against its current strong uptrend is a futile exercise .....all short positions should be closed whether profitable or not .....Buy or stay long. The target is 14400. Only a fall below 11,500 would cause concern."

Quite bullish methinks.

 

[mark twain uk]

Hi folks,

I travelled extensively from Wednesday to Friday with no access to the internet, I got home on Friday at about 6pm and closed my shorts at about 7pm, it looked like a rebounce was under way and my wife demanded (and deserved) my full attention, and sure engough, the indices rallied into the close.

Very tricky next week, we will either make new higher highs or lower lows, I cannnot see them stay within range for the whole week, however, I am now not so sure it will go down, the market is more resilient than I thought, every dip seems to bring out the buyers, so I will continue to sell the rallies and will try to buy the dips. The trouble is I am conditioned against going long, I was tempted on Friday to go long when it double bottomed, but I settled for just closing my shorts. I can't go long at these levels. Maybe I need to remind myself that it's only a scalp and that I can close the position after few hours. Patience and money management are the key to successful trading.

 

[mark twain uk]

dc,

did you also close your positions on Friday? I seem to remember that you did not like to hold positions over the weekend.

 

[kriesau]

Hi Karmit,

I don't use a broker, I trade with IG Index. Used to use Man Financial years ago (very good trading platform), but I was scalping then, and found the charges were somewhat prohibitive. I was mostly trading the FTSE and the spread was therefore much tighter, but it's now only 2 points with IG anyway. The spreads have come down quite a bit with the SB companies from 6 years back, so I choose to use IG. Having said that, I don't know whether Man have reduced their charges in the interim? It used to be £10 in and £10 out, although I negotiated a smaller fee after a while, due to the large amount of trades I was making daily.

cheers - Tricks

I have accounts with both IG and Man Spread Trading. Don't understand your reference to 310 in and out !

Generally Man spreads are a bit tighter than IG. Also with Man you can enter and exit a trade exactly on their quote wheras with IG it is always geared to the mid point of the spread. I prefer the former since you always know exactly where you are and you can also place an order within 1 pip of the market price at any time. With IG you always have to remember to deduct half the spread from your current position and their platform will not let you either place or amend an order less than 2.5pips awy from the current market price.

Both have their pros and cons - the IG platform is more resilient than the MST platform, which tends to freeze up if markets turn very volatile such as immediately after a Fed announcement.

 

[karmit]

Hi Karmit,

I don't use a broker, I trade with IG Index.

On the subject of IG I don't know whether anyone read the article in this weeks Investors Chronicle penned by Warren Firth of IG, the gist of which is:-

"Shorting the DOW against its current strong uptrend is a futile exercise .....all short positions should be closed whether profitable or not .....Buy or stay long. The target is 14400. Only a fall below 11,500 would cause concern."

Quite bullish methinks.

yeah? did he miss to add a zero or something? 13000 was bullish enough...

14000 is enough of bullsh*t :cheesy:

 

[kriesau]

On the subject of IG I don't know whether anyone read the article in this weeks Investors Chronicle penned by Warren Firth of IG, the gist of which is:-

"Shorting the DOW against its current strong uptrend is a futile exercise .....all short positions should be closed whether profitable or not .....Buy or stay long. The target is 14400. Only a fall below 11,500 would cause concern."

Quite bullish methinks.

Hmmmmm...........well everyone is entitled to their opinion (and that is all it is - an opinion) but it assumes some incredible degree of prescience to bluntly state that shorting the Dow at the moment is a futile experience and to stay long with a target of 14400. The Dow is up 13% over the past 4 months and to project a further increase of 18% is not impossible but could be just a tad optimistic in my very humble opinion. Furthermore there is no timeframe quoted so will he claim that he predicted this if that target is reached in 2009 !

An opposite view was expressed by a US Hedge Fund Manager yesterday:

"Short-term, the market is beginning to look a little tired here and we may have a downside surprise coming soon. I’m referring primarily to the fact that the indexes (DOW, NASDAQ, S&P 500) are all at scary points on their respective charts. There’s still good money to be made in certain select groups, but the index crowd had better watch out - a hard rain's gonna fall. DO NOT CHASE STOCKS HERE!Let me say that again in case you missed it. DO NOT CHASE STOCKS HERE!"

NB: His capitals not mine

Be interesting to see who is subsequently right ! :cheesy:

 

[dc2000]

did you also close your positions on Friday? I seem to remember that you did not like to hold positions over the weekend.

Hi Mark yes it was closed Friday, Im looking for the move to complete Monday and will get a better price premarket

 

[kriesau]

Hi Mark yes it was closed Friday, Im looking for the move to complete Monday and will get a better price premarket

So are you still planning to reopen a Dow short with a target of around 11980 ?

 

[Dackster]

Dow will go to 14k within the next 2 month.

 

[dc2000]

So are you still planning to reopen a Dow short with a target of around 11980 ?

yes I am

Dow will go to 14k within the next 2 month.

How do you intend to trade it? given the statement I take it you have not been in the business long?

 

[Dackster]

The top is not in, you could start buying now and still make money within the first month. Obviously it is you that has not been in the business long.