dow bias

[mercury7]

Hi,
I suspected that the quotes this morning for the dow on Fins would be down, because of the slower than expected progress in the war, but not 170 points down on the close for Friday ie. latest 8355/62. Close was 8520.

Any thoughts on whether we should have down a short Friday or very very early Monday?

By my maths I notice that the quote is almost spot-on to the support level 1, of around 8356. Would it therefore be more prudent to forget the short, and wait to see if price falls thr support or bounce off this level.

Any ideas, suggestions would be helpful.

Thanks
KWM

 

[Trader333]

Hi Mercury7

The Dow Mini Future is currently at 8341 to 8346 (10.58am) which is down 137 points from Friday and this is what they are basing the current spread on. So although your quote is 35 points worse it is not that far off for pre-market speculation.

My guess and that is all it will be is that it will open low and bounce back then retrace further down. So it would be pure gamble to place a short on now as I dont think anyone will know for certain what will happen and you never know what other developments will have occured by 2.30pm


Paul

 

[mercury7]

Thanks Trader 333,

At least I know the figures are based on something concrete, and yes, I can see the gamble on thinking that they may go lower.

The retrace on pivot point as you suggest may be best bet (if there is one!).

KWM