Where is the Dow & others heading in 2005?

[FetteredChinos]

will we get my 10720?

 

[User]

hope so. But I don't think we will today. Unless everyone starts to panick sell before jobs data figure.

 

[FetteredChinos]

or a break of support..............?

make or break time..

 

[User]

Sorry its not selling ahead of jobs data thats making the move! Its oil! Come on hit $60!

 

[FetteredChinos]

NQ turned down again come on Dowsy.. do your stuff.


erm hang on. why is the NQ selling off? how many IT firms do you know that use Oil?

 

[FetteredChinos]

if it gets to $60 in the short term then the market will go potty..

retest of previous lows IMHO..

 

[User]

The ones that pay for shiping costs for the parts that IT companies use. Freight charges etc

Anyway I was talking about the Dow reversal. Nasdaq was already lagging on the upside and now leading on the downside.

Do you think we'll close above 10800 today. I can't see the Dow selling of in major fashion today. Could always see one tomarrow though!

 

[Preacher-Man]

Hi Dow Traders...

Please forgive a potentially daft question, but I'm coming into this thread very late in the day (52 pages strong and looking bullish (the thread, not the Dow)).

Question: I'm trading March Dow futures... are we all singing off the same song-sheet or are you guys talking about another contract...???

By the way, I fully agree with your sentiment.

 

[FetteredChinos]

essentially march futures.. im watching the cash index and trading off the cash price via spreadbet, which isnt ideal, but then again i dont trade breakouts. so im not worried about slippage to any great degree.

ive got tomorrow as a bit of a gap down and then up day, so i reckon the news tmr will be crap/obviously fudged, and the market will tank, then recover slightly going into the weekend..

should we hit 10700, then i may stand in the way of a moving train and go long with small stakes..

but im getting way ahead of myself and the market here..

take each day as it comes.

fc

 

[FetteredChinos]

i think the patient might be dead..

NQ 1.3% down thus far..

god knows what SOX is at the moment..


edit... SOX is -2.3%...

 

[Preacher-Man]

Thanks FC

I'm following the comments with interest - always learning. I trade very lightly: sold 2x at 10855 today (jumped in about 10 minutes too soon for the high - story of my life!)

 

[FetteredChinos]

preach, i wouldnt be too hard on yourself.. short from 10855 is pretty good going..!!

im mightily pi$$ed off anyway, as im 2 stakes lower after being stopped out on the BLOODY TOP yesterday, and within 3 POINTS TODAY... ARRGGH..

right, got that off my chest

 

[User]

Hi Preacher-Man, I was using March contracts but now moving over to June contracts. March contracts are expiring soon. Check with your spreadbet company as to what date they will expire.

Watch the cash price as that is the actual value of the Dow. However you can trade contracts like March or June or you can trade daily cash values. All can be traded via spreadbetting and much is dependant upon what trading style you use. E.g. daily or intraday moves then cash is your answer. If your holding positions for more then a few days to months then contracts such as March and June should be used.

Not a daft question. If you want to ask anything else, feel free.

Good luck.

 

[User]

Preacher-Man I sold at a similar level, 10850. You did better then me. Anyway don't worry about catching the top of the day. You did well.

Unlucky FC.

 

[FetteredChinos]

todays action..

bottom line is the SOX, which is the semiconductor index, which leads the nasdaq (line above) which leads the dow (bar chart way up top).

black line 20 ema, tope line 100ema.

all pointing down...

 

[Preacher-Man]

User and FC...

Thanks for your comments. You've obviously got a lot of experience between you, so rest assured I'll be popping up with more (not so) daft questions in the near future. Just off to find out what spreadbetting is now...!

 

[frugi]

That's the gap from 1/3 filled at 767 then. Back up to 810 now?

 

[FetteredChinos]

35 point retrace perhaps would see us at 10810 ish..

then back down from there...?

 

[User]

Closed position. Got in short at 20 points off the highs and got out at 20points off the lows. Oh well atleast its positive +50.

frugi, I agree back above 10800 now and then close above 10800 later.

 

[Preacher-Man]

Yep, back down I reckon... there's too much downside momentum to pull back much. And don't forget the price of oil (you gotta love that oil).