DOW 31 May - 3 June 2005

[kevinmcm]

My last post crossed with this. Similar thoughts on 'market logic' then?

Definately. I dont trust this bump up one bit. Possible H&S on 5 min chart. Down to 10550 then up to 60/65 for a move down to 540, funnily enough, that number creeping up again.

 

[CZON]

oil up, $ up, stocks up, bonds up - something doesnt add up

Euro$ is down and so is Gold, trust the French to screw it up and the Dutch too.

Back to 10510 as support after all the hype and Peterp may well be seeing his bear run!

 

[peterpr]

Despite my overall bearish view of the US economy and the the technicals pointing to a looming correction, I am still very much aware of the bull flag pointed out by Justyn last week. Also, all my ST trends (3 day, 1 & 2 week) are still up so the question is have we put in a ST top already? . The attached chart is compelling. There's still plenty of scope on MACD, RSI and others for continued upside. For sure none are screaming 'sell'. The flag suggests over 10700. I am still looking for the right short entry for a swing trade but it certainly hasn't presented itself yet. Intra-day, of course is another matter entirely - I will still be looking to trade volatility in both directions.