Where is the Dow & others heading in 2005?

[Racer]

WASHINGTON (AFX) -- Manufacturing activity in the New York area deteriorated sharply for the second straight month in May, the New York Federal Reserve Bank said Monday.

The bank's Empire State Manufacturing index fell to -11.1 in May from a revised 2.0 in April. This was the first negative, and lowest, reading since April 2003.

Readings below zero indicate contraction.

The drop was unexpected. Economists were forecasting the index to rebound to about 10.7 in May from the initial estimate in April of 3.1.

 

[kriesau]

BTW - anyone got a view on the market today ? Oil is down 50c, GM downgraded by Prudential, couple of non Dow retailers missed market expectations and regional manufacturing index has come in below expectations too.
Dow cash Futures up 8 pts, SPX up 1.5 pts and Nasdaq up 2.5 pts.

 

[Racer]

DOWwwwwnnnnnnnnnnnnnnnnnnnnn well I hope anyway!

 

[Racer]

Was going to short the CAC as well but no Sept quotes

 

[justyn]

I thought we might see 10050 today but I can't trade the morning session as I'm at work.

 

[Pat494]

Justyn
Nice one

JiilyB
I see you are lurking, are you still long I wonder ?? Had a bit of a bounce but not quite there yet.

 

[rrtech]

If it wasn't for the bad data I would say this was setting up to be a constant uptrend day but surely the data will come into play later on. Today started near the bottom of the mid-term trend so maybe it will close quite a long way up anyway.

 

[JillyB]

Justyn
Nice one

JiilyB
I see you are lurking, are you still long I wonder ?? Had a bit of a bounce but not quite there yet.

Hi there,
Yes I'm lurking in the shadows here. It is bouncing, but as you say, I'm not quite there yet, however it's better than it was for me. Perhaps I will get there at some point today.

By the way, what's happened to your lady (avatar)? It made me smile. :cheesy:

 

[counter_violent]

Tripple top divergence may now be in play .......( jilly be careful here plz ) lol

 

[Orion]

I thought we might see 10050 today but I can't trade the morning session as I'm at work.

St. Lucia? Work? Sounds like an oxymoron to me!

 

[Pat494]

JillyB
She is still on my PC opening page. Scrummmmmy

Thought I had better calm down and think about dog walking etc. Which reminds me .......

P.S. Can't quite make out your avatar ?? Is that you ??

 

[JillyB]

JillyB
She is still on my PC opening page. Scrummmmmy

Thought I had better calm down and think about dog walking etc. Which reminds me .......

P.S. Can't quite make out your avatar ?? Is that you ??

I wish - No it's Jessica Rabbit - the real me is on my profile page. Not quite as scrummy

 

[Pat494]

JillyB
Just had a look - niiiice. Like the freckles.

Will it or won't it get to 10220 ??

 

[rrtech]

CALLING EXPERTS Is this capped at 10200 or not?

 

[Matt321]

Hi can anyone explain what the term " Lizards on a window pane " means it was used by :cheesy: pit traders

 

[Bluewave]

CALLING EXPERTS Is this capped at 10200 or not?

I'm not an expert, but last week saw support, then resistance at 10,200.

http://www.trade2win.com/boards/showpost.php?p=178069&postcount=4046

 

[counter_violent]

20 odd peeps viewing the thread but only a handful contributing to it .....come on guy's ....do'nt be bashful !!

 

[Slapshot]

CALLING EXPERTS Is this capped at 10200 or not?

I'm certainly no expert but it does appear to be struggling to get past 10200 significantly.

Lunch time is approaching so I imagine the activity will slow down until they're back, then, maybe another attempt to break 10200 and if it fails a fall back to the opening price or maybe lower.

 

[macbonzo]

I'm certainly no expert but it does appear to be struggling to get past 10200 significantly.

Lunch time is approaching so I imagine the activity will slow down until they're back, then, maybe another attempt to break 10200 and if it fails a fall back to the opening price or maybe lower.

Dow is certainly leading the Nasdaq and S&P. Watch out for the NAHB Housing Index at 18.00.

My guess is that it is struggling. I get wary of markets that cannot rally on good news (fall in oil prices)

It has to be pointed out, however, that the NY Empire State Index was dreadful.

You are right to be wary of lunchtime.

 

[Pat494]

I am inclined to agree. If 10200 is firm then the only way is down.