Market Direction

[jonnyy40]

According to an article on marketwatch we've been in a bull market since last october -- it's already lasted longer than they do on average. So make plenty of hay while the sun shines?

 

[bonsai]

well, I wouldnt go that far.

I suspect they use the term very loosely ?
cause it makes good reading.

don't forget any rally that doesnt make a new all-time
high has to be considered a bear market rally.

a la elliott.

if we get there, just watch what happens around 4430 !!!

 

[Bigbusiness]

rglenn,

Hope your father is better soon.

I read the daily report from Tom Hougaard. Today he has a chart to predict the days market.

The site requires free registration:
http://forum.tacticaltrader.com/viewtopic.php?t=225

 

[rglenn]

Thanks for that Bigbusiness

If only the markets could move in my favour like this all the time.

I have never made so much money in one day in all my time of trading.

May it forever continue.

I have cashed some of it in just in case.

 

[bonsai]

having an early night

hope things are ok with your dad.

 

[Bigbusiness]

Friday was an interesting day. The dow gapped up but then closed not far above Thursdays close. If it gaps down on Monday, there might be a significant pull back. It felt like most of the bears gave up but there were not enough bulls left to keep the momentum going. I am hopeless at calling market tops, and have never got one right in the past, but I did buy a cheap out of the money put on the FTSE just in case this is it.

http://tinyurl.com/dp2l

 

[bonsai]

this is a 4.30 chart so it doesnt include the fall
but I have marked up some elliott waves as I see them.
still looks bullish to me until it his that downtrend line.
currently at 9494 ?

 

[rglenn]

Nice chart Bonsai

The dow this afternoon is due for some sort of consolidation.

My Prediction for this afternoon will be 40 to 70pts down before a surge upwards again. possibly 110pts!!

 

[DaveJB]

RRG,
nice to see you happy mate <g>
My apologies, far too short term for me, and I try to rise a little later as well, but if I ever get 5 mins during holidays etc you never know.
Dave

 

[Wideboy]

I'm 'guessing' at Dow falling today, very bearish daily chart candle stick formation...

 

[bonsai]

time to go long then?

 

[bonsai]

but then again ?
.

 

[Wideboy]

My point exactly bonsai

 

[Wideboy]

US futures being driven up - catching all the bulls out before a nice big decline later in the day.

 

[rglenn]

There hasn't been much weakness in the dow that I can see.

So I predict a strong upward movement today- Which unfortunately didn't happen yesterday!

It seems like the pull for most markets is upwards.

 

[bonsai]

greenspan factor today.

 

[rglenn]

Please enlighten me bonsai!

 

[Wideboy]

is he speaking today?

 

[ChowClown]

rglenn, Wideboy - useful site to keep tabs on daily US reports etc.. http://interactive.wsj.com/barrons/b-econoday.htm

 

[Wideboy]

Not a big speech today by the sounds of it?