FetteredChinos
Veteren member
- Messages
- 3,897
- Likes
- 40
FetteredChinos said:
i hate to say i told you so....
:cheesy:
good weekend all, snooker-hall is calling me.
FC
roguetrader
Senior member
- Messages
- 2,062
- Likes
- 49
Afternoon all, looks like I missed a nice morning.
Correction in the short term uptrend or resumption of a longer term downtrend?
Afternoon reversal anyone?
Correction in the short term uptrend or resumption of a longer term downtrend?
Afternoon reversal anyone?
roguetrader
Senior member
- Messages
- 2,062
- Likes
- 49
Internals quite bearish, more so on Nasdaq for a change.
Total market volume as of now lagging the last two days slightly on both markets.
Total market volume as of now lagging the last two days slightly on both markets.
roguetrader
Senior member
- Messages
- 2,062
- Likes
- 49
Internals remain firmly negative coming into the last hour,
Total volume continues to lag the last two days on both markets.
Total volume continues to lag the last two days on both markets.
The $INDU has been in a bullish phase from the 3rd week of April up to mid May, since when it has been trading between aprox 10450-10560 or thereabouts. This could easily be a reversal of the prior (fairly short) downtrend, with the last 2 weeks being a consolidation before the upward move resumed. It's noticeable that the current consolidation is at a 50% retracement from the drop that ran from the start of March to the low on 20 April. If you call up a weekly chart the market has been in uptrend since late October 2004and the current week - nice short or not - still produced a higher high and higher low to add to the existing uptrend.
The monthly chart is, I would suggest, looking more like a consolidation in an uptrend than a bearish market, having bottomed at the end of October 2002. Today certainly is/was a nice drop, and the week itself has been down, but I think it's rather premature to suggest that those members who are describing the current market as bullish are idiots... we might well see it turn bearish but it hasn't done yet, and I've been bearish since about 2000 so I'd be more than happy to finally be proved right <g> ...
For what it's worth I'd call Wednesday's market bullish, and I'd also call the market since Oct 2002 bullish - we have a 5 week or so correction in March/April obviously but it's been largely uphill apart from that. Even today's 100 pt drop is still contained between the very obvious trading range limits the market has been in since mid-May...and the last time I checked a bear market actually went down, rather than hitting the lower end of the trading range before rebounding, which it seems to be doing now.
A good short move today - the opposite of what it did on Wednesday in fact, give or take a few points. It would be a good idea not to be too convinced armageddon was upon the market until it actually breaks downwards however, there's nothing yet to suggest it will.
Dave
The monthly chart is, I would suggest, looking more like a consolidation in an uptrend than a bearish market, having bottomed at the end of October 2002. Today certainly is/was a nice drop, and the week itself has been down, but I think it's rather premature to suggest that those members who are describing the current market as bullish are idiots... we might well see it turn bearish but it hasn't done yet, and I've been bearish since about 2000 so I'd be more than happy to finally be proved right <g> ...
For what it's worth I'd call Wednesday's market bullish, and I'd also call the market since Oct 2002 bullish - we have a 5 week or so correction in March/April obviously but it's been largely uphill apart from that. Even today's 100 pt drop is still contained between the very obvious trading range limits the market has been in since mid-May...and the last time I checked a bear market actually went down, rather than hitting the lower end of the trading range before rebounding, which it seems to be doing now.
A good short move today - the opposite of what it did on Wednesday in fact, give or take a few points. It would be a good idea not to be too convinced armageddon was upon the market until it actually breaks downwards however, there's nothing yet to suggest it will.
Dave
SOCRATES
Veteren member
- Messages
- 4,966
- Likes
- 136
No, there are three.RUDEBOY said:
Here is a full and detailed explanation:~
There is a bull market which is not resolved, that is, it has further to go.
There is a bull market which is resolved, that is, it is finished and has now become a serious bear maket.
And then there is another bull market alltogether which only ends when the individual concerned has a series of realisations that bring him to his senses. To a very large extent this is the market hidden vested interests promote very effectively in order to keep victims ignorant.
And I am very pleased you have bagged 48 points today, excellent, well done.
This is why we need more cannon fodder, rude and ignorant or whatever, it does not matter, more cannon fodder please. Because without cannon fodder, there would be no points to bag, only empty bags to point at, and that spoils the game, must not be allowed.
roguetrader
Senior member
- Messages
- 2,062
- Likes
- 49
kriesau said:
I only asked because the most logical way to make 48 points today was on the short side, and since, unless I have mis-read an earlier post, you are short, I was wondering how it was concluded that you were the source of his gain.
I had not considered anyone repeatedly trading against the trend. Hard way to make $$
I for one am obviously on a different planet, as I truly haven't a clue what this remark means (obviously given my name I rather hope this is a reference to some other dave), but I HAVE managed to figure out that Rudeboy appears to dislike Kriseau (and vice versa), Kris isn't enamoured of Soc (and vice versa).... it's getting rather like some sort of soap opera. Isn't all this bickering a little beneath everyones dignity?
The Dow is currently, by my reckoning, in a sideways movement between the prices I previously stated, the most likely direction for the next leg would be up imo as a continuation of the prior trend looks more likely (to me) than a reversal. Anyone explain using bog standard TA why the $INDU chart should be regarded as particularly bearish?
Dave
