roguetrader
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Nice morning move, after the first hours unsteadiness internals have improved steadily and are very bullish. Interesting to note that the long time laggard INDU is now at the front of the class. The only concern would be total market volume which is a bit lethargic. Though with the summer doldrums in force volume is likely to be that way more often than not now.
INDU resistance right here. and then 10,433
INDU resistance right here. and then 10,433
Thanks frugi. I think you are right about the volume. It looks like I've got a dodgy chart. There was high volume for the break through 10400 so do you think it has a good chance of holding? It looks to me like today has made the Dow charts into a triple bottom which broke out at approximately 10350 which surely means that today is likely to go even higher. What do you think?
Is 7 waves up a volume pattern because I could really do with learning some. Any useful websites on this would be much appreciated.
Is 7 waves up a volume pattern because I could really do with learning some. Any useful websites on this would be much appreciated.
roguetrader
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2100 a big level for the COMPQ, though intraday we have made 2106 so those levels worth watching.
frugi
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Gosh the bears have had a good squeeze today!
I called that top way too early and totally misread the volume. Good thing I wait for setups not try and tell the market what to do! I though the buying interest might be on the wane / selling on the up cause of the volume pattern marked with lines on the 4 min volume chart but it wasn't to be.
In hindsight it is easy to see that in general all day the pullback red bars have been on lower vol than the impulse green bars thus confirming the up move.
RR - Up moves often come in 5 wave patterns, or 3 pushes up as they are sometimes called. When you get 7 or 9, especially after such a vertical climb, it is often time to start looking for a top at previous resistance. That's not to say you should fight the trend of course, especially on a day with such shallow pullbacks and strong breadth and after yesterday's hugely bullish daily candle.
There is a lot of res at the current top and that may be it for today (second time lucky?). However if we consolidate around here watch out for a last push in the final 45 mins. There will be some stops to cascade above today's high I would imagine. Anybody's guess, but I slightly favour a pullback to 420 or so on the futs.
I called that top way too early and totally misread the volume. Good thing I wait for setups not try and tell the market what to do! I though the buying interest might be on the wane / selling on the up cause of the volume pattern marked with lines on the 4 min volume chart but it wasn't to be.
In hindsight it is easy to see that in general all day the pullback red bars have been on lower vol than the impulse green bars thus confirming the up move.
RR - Up moves often come in 5 wave patterns, or 3 pushes up as they are sometimes called. When you get 7 or 9, especially after such a vertical climb, it is often time to start looking for a top at previous resistance. That's not to say you should fight the trend of course, especially on a day with such shallow pullbacks and strong breadth and after yesterday's hugely bullish daily candle.
There is a lot of res at the current top and that may be it for today (second time lucky?). However if we consolidate around here watch out for a last push in the final 45 mins. There will be some stops to cascade above today's high I would imagine. Anybody's guess, but I slightly favour a pullback to 420 or so on the futs.
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Racer
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I suppose that big bounce yesterday led a lot to believe that it must go higher, so the bears stood on the sidelines and let it get pushed up, shorts stops squeezed good and proper, when will the bears get back/long sellers come back? A huge bounce off the lows that's for sure!
Racer
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Below average vols it seems though.
Hmm, I wonder if this bounce is similar to the others related to terrorists but now we are seeing it on a much shorter time scale? If that is the case, next week should have a drop back down again.. but in this market
Hmm, I wonder if this bounce is similar to the others related to terrorists but now we are seeing it on a much shorter time scale? If that is the case, next week should have a drop back down again.. but in this market
roguetrader
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Sweet, as they say, pick the bones outta that!!!. Excellent trending day. Gotta admire the resilliance of this market. The teddy bears picnic just encountered a hurricane. Will be interesting to see what next weeks response to this move is.
Crap jobs numbers, poor wholesale trade numbers and a terror attack here in the UK.
Dow ignores all this and posts a big rally. I suppose this is a lesson in trading what you see, not what you want to see. A lesson I am struggling to learn.
Good luck.
Dow ignores all this and posts a big rally. I suppose this is a lesson in trading what you see, not what you want to see. A lesson I am struggling to learn.
Good luck.
"Gotta admire the resilliance of this market"..LOL...got to admire the strategic action that knows how to make a profit..when others panic ..Kipling said it all :
"If you can keep your head when all about you
Are losing theirs and blaming it on you;
If you can trust yourself when all men doubt you,
But make allowance for their doubting too;
If you can wait and not be tired by waiting,
Or, being lied about, don't deal in lies,
Or, being hated, don't give way to hating,
And yet don't look too good, nor talk too wise;
If you can dream - and not make dreams your master;
If you can think - and not make thoughts your aim;
If you can meet with triumph and disaster
And treat those two imposters just the same;
If you can bear to hear the truth you've spoken
Twisted by knaves to make a trap for fools,
Or watch the things you gave your life to broken,
And stoop and build 'em up with wornout tools;
If you can make one heap of all your winnings
And risk it on one turn of pitch-and-toss,
And lose, and start again at your beginnings
And never breath a word about your loss;
If you can force your heart and nerve and sinew
To serve your turn long after they are gone,
And so hold on when there is nothing in you
Except the Will which says to them: "Hold on";
If you can talk with crowds and keep your virtue,
Or walk with kings - nor lose the common touch;
If neither foes nor loving friends can hurt you;
If all men count with you, but none too much;
If you can fill the unforgiving minute
With sixty seconds' worth of distance run -
Yours is the Earth and everything that's in it,
And - which is more - you'll be a Man my son!"
This is a life times education and I just wish I had the insight to have wrote it.
"If you can keep your head when all about you
Are losing theirs and blaming it on you;
If you can trust yourself when all men doubt you,
But make allowance for their doubting too;
If you can wait and not be tired by waiting,
Or, being lied about, don't deal in lies,
Or, being hated, don't give way to hating,
And yet don't look too good, nor talk too wise;
If you can dream - and not make dreams your master;
If you can think - and not make thoughts your aim;
If you can meet with triumph and disaster
And treat those two imposters just the same;
If you can bear to hear the truth you've spoken
Twisted by knaves to make a trap for fools,
Or watch the things you gave your life to broken,
And stoop and build 'em up with wornout tools;
If you can make one heap of all your winnings
And risk it on one turn of pitch-and-toss,
And lose, and start again at your beginnings
And never breath a word about your loss;
If you can force your heart and nerve and sinew
To serve your turn long after they are gone,
And so hold on when there is nothing in you
Except the Will which says to them: "Hold on";
If you can talk with crowds and keep your virtue,
Or walk with kings - nor lose the common touch;
If neither foes nor loving friends can hurt you;
If all men count with you, but none too much;
If you can fill the unforgiving minute
With sixty seconds' worth of distance run -
Yours is the Earth and everything that's in it,
And - which is more - you'll be a Man my son!"
This is a life times education and I just wish I had the insight to have wrote it.
