Dow 2007

2468steve said:
i'm in the club with you m8 but on SPX....61.8 retrace was 1506 ... shorted at 1502 close enough for me...:LOL:
Click to expand...

which also happens to be the R2 for the day, just got to the screen so mist it bummer

....nice work fellas, real nice:cheesy:
 
2468steve said:
BD,
I don't use pivots but I presume that was what you meant...?? What level was R2?...
Click to expand...

yes steve was talking pivots m8.


1506.1 was resistance 2 :eek:

pivot was at 1473.6

by the way, thanks for the nod to the spx, works out much better technically than the dow i think, prob due to the more even weighting?
 
that selloff appears to have something to do with Goldman Sachs...statement after the close appearantly....
 
brutusdog said:
yes steve was talking pivots m8.


1506.1 was resistance 2 :eek:

pivot was at 1473.6

by the way, thanks for the nod to the spx, works out much better technically than the dow i think, prob due to the more even weighting?
Click to expand...

thnx m8....1506 for both 618 and R2....spooky...:rolleyes:
 
2468steve said:
that selloff appears to have something to do with Goldman Sachs...statement after the close appearantly....
Click to expand...

Interesting.

I did correctly predict a short covering rally into the close, but I only took 50 pips out of it prematurely covering. Still, that leaves me with around +210 pips for the day. You have to love the volatility!

Hopefully nobody got burned. What is Goldman saying?
 
Rumours only.

USD/JPY: Rumors Behind Market Volatility
Wed Aug 8 21:14:00 2007


San Francisco, Aug 8. Rumors were behind the bout of market volatility in both currencies and particularly stocks. A rumor that a major investment bank was set to warn about the possibility of a Q3 loss was behind the sharp slide in US stocks. The rumor was apparently denied on CNBC, fuelling a sharp reversal on stocks. DJIA was up almost 200 pts before the rumor, fell into the red and is now up 146 pts at the close as a result.

USD/JPY fell to 119.35/40 along with stocks but has recovered back to 119.65 along with the rebound in stocks. Not for the faint-hearted this market and a few NY traders ready to throw in the towel particularly with the commuter problems in NY today. [email protected] /rd

Copyright ) 2000-2007, Thomson Financial. All rights reserved. Thomson Financial LLC and its affiliates are referred to below as .Thomson..
 
lurkerlurker said:
Interesting.

I did correctly predict a short covering rally into the close, but I only took 50 pips out of it prematurely covering. Still, that leaves me with around +210 pips for the day. You have to love the volatility!

Hopefully nobody got burned. What is Goldman saying?
Click to expand...

not sure m8...just rumours I'm hearing about GS....one fact I do know is my profits were wiped out in last 20mins....:(
a big buyer came in and spooked everyone who was short....stinks of PPT
 
lurkerlurker said:
Rumours only.

USD/JPY: Rumors Behind Market Volatility
Wed Aug 8 21:14:00 2007


San Francisco, Aug 8. Rumors were behind the bout of market volatility in both currencies and particularly stocks. A rumor that a major investment bank was set to warn about the possibility of a Q3 loss was behind the sharp slide in US stocks. The rumor was apparently denied on CNBC, fuelling a sharp reversal on stocks. DJIA was up almost 200 pts before the rumor, fell into the red and is now up 146 pts at the close as a result.

USD/JPY fell to 119.35/40 along with stocks but has recovered back to 119.65 along with the rebound in stocks. Not for the faint-hearted this market and a few NY traders ready to throw in the towel particularly with the commuter problems in NY today. [email protected] /rd

Copyright ) 2000-2007, Thomson Financial. All rights reserved. Thomson Financial LLC and its affiliates are referred to below as .Thomson..
Click to expand...

nice detective work Sherlock....:LOL:
 
2468steve said:
nice detective work Sherlock....:LOL:
Click to expand...

Thanks mate. Did we all have a good day? I didn't trade much yesterday, but in the last month I am averaging 1 losing day per 8. Looks like I am finally improving, but that Dow volatility was quite scary. Thankfully I cut almost all my losses within 12 points or I would have been chewed to death during that.

Perhaps it is wise to only trade this market 7pm - 9pm? Nothing much happens for the rest of the day.
 
firewalker99 said:
Now that I don't have the luxury to trade during the day, I might as well make a prediction lol. Not my kind of game, I trade on what I see and not what I am expecting to see or wanting to see but just in case anybody's wondering I favour upside and am thinking of 13650 cash as a potential target.
Click to expand...

13650 cash as predicted two days ago... easy hit today and I'm reading a close of 13653 ... I guess I wasn't that far off :)

would've made for nice position trade though... 450 points in two days :cool:
 
fibonelli said:
Well, in the case of Mr C "emotions are in and bears are out... and about"!

I don't trade the indices but instead review a small selection over the weekend as homework. :LOL:

The charts I use are showing signs of momentum divergence and OBV divergence (highlighted in yellow)in the DJ30, S&P500 and Nas Comp.

The Dow shows a similar price pattern when you compare to the March waterfall (highlighted in light blue) to the latest waterfall. If this pattern plays out, I would envisage a hammer type formation with an intra day low of between 12966-13033 tommorow (6 Aug 2007). If not, it could be a bears picnic........ ;)

enjoy
Click to expand...

Well, I spotted a couple of bullish divergences on Sunday night. Who says indicators don't work! :LOL:
Didn't expect a 400+ move so quickly.

DJ30 today tested the Fib 61.8% retracement level @ 13682 which is marked in yellow. OBV looks good but there's plenty of potential supply above 13690.
 

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fibonelli said:
Well, I spotted a couple of bullish divergences on Sunday night. Who says indicators don't work! :LOL:
Didn't expect a 400+ move so quickly.

DJ30 today tested the Fib 61.8% retracement level @ 13682 which is marked in yellow. OBV looks good but there's plenty of potential supply above 13690.
Click to expand...

Higher guys,

Just reading all your good work and playing catch up.

I think we have another day of rise tomorrow before it tests strength of the bulls. I have it reaching 13720. Depending if that holds or gives way then its likely to be either 13800 or 13600 or below.

Given the H&S reversals played out I would still be 60/40 bullish. However, I am flat and just watching the rise.

Unfortunately on cable, I checked the price this morning and I was stopped out below 2.02. So didn't participate lapping up the 140pips on the surge. It's like a two edged sword that cuts for you and against you.

Tremendous calls though on most of the bodies on this site. Well done on your gains too LL. That's fantastic.

Wishing you all the best... :)
 
I was short yesterday from 13660 odd, and just a tad miffed that I didn't take a tidy profit. These rejected spikes lower must be devastating for any bear who's short from lower down. But never mind that, it's going down from here methinks :^)
 
Hook Shot said:
You'll be alright mate.........Ftse is coming our way......... thurs or friday. This high velocity surge has to pause ........ probably between here 6390ish and 6450ish cash I'm putting program trade on to make sure I bag this one.... :LOL:
Ftse can run but it can't hide.......... it'll probably surge into Friday now but even faster NOT!
Click to expand...

Program trade filled nicely thank you:LOL:
 
fibonelli said:
Well, I spotted a couple of bullish divergences on Sunday night. Who says indicators don't work! :LOL:
Didn't expect a 400+ move so quickly.

DJ30 today tested the Fib 61.8% retracement level @ 13682 which is marked in yellow. OBV looks good but there's plenty of potential supply above 13690.
Click to expand...

13700 area is now the key level, regardless of why (broker profit warnings) we have now had one strong rejection of it. this was also the big resistance area on the way up lasting for a month and half and it also provided support on the way back down. as well as being the fib level mentioned above.

my money is on a bit more range bound chop before we get away from this level one way or the other, will try to get on the buss either way.:eek:
 
Late Bears ... Be Careful

The Fed just might possibly have to step in this afternoon..... if it gets really rowdy.
So you're probly okay for a bit .....
 
Well, at the moment I've been trading the market before the open. I don't normally do this, but I wanted to see how the market would react to the key 550 level and also the US jobless. I shorted 13550, and held until my target at 13480. I was annoyed to cover at this, as the market dipped another 15 points, but the bottom came son after. I am now flat, looking to sell a rally at the open. Will short a rejection of 550, will add to the position when 500 breaks, will add another 1/2 at every 50 points on the way down, looking to cover on a bounce of 200 or EOD.

Thoughts?
 
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