tradesmart
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Well, the target was hit 3 days late as the market formed an H&S top over 4 sessions which led into yesterdays/todays falls.......
But the current 'falling wedge' pattern gives the bulls some hope of restarting the Santa Rally imho pending an upside break, and RSI/CCI divergence are suggesting support…
Not much sign of serious buying today though, and a break south through prior 10740 support could clearly put a bearish damper on seasonal rally hopes…
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leovirgo
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Rangebound or Rally?
Christmas rally, there won't be one," said Philip Dow, director of equity
strategy at RBC Dain Rauscher. "But there are a few days left this week, and I
still think there could be a surprise rally. What we need is a catalyst."
Early Wednesday stocks rallied despite news from the Commerce Department
that the gross domestic product increased at a 4.1% rate in the third quarter,
slightly lower than previous estimates of a 4.3% growth rate.
Economists surveyed by MarketWatch had expected growth of 4.3%.
Crude futures were higher, but well below the psychologically critical level
of $60 a barrel. The February contract last was up 23 cents at $58.32 an ounce.
Gold futures were under pressure, as the February contract fell $2.20 to
$494.80 an ounce.
The Treasury market was under pressure, sending yields higher, despite the
weaker GDP revision. The GDP report's core personal consumption deflator, which
is carefully monitored by the bond market, was boosted to 1.4% from 1.2%
annualized.
Some buying kicked in.. but is it a rally or just 750-900 range bound?
NEW YORK (AFX) "Everyone has been lulled into thinking that since we haven't yet had atradesmart said:Well, the target was hit 3 days late as the market formed an H&S top over 4 sessions which led into yesterdays/todays falls.......
But the current 'falling wedge' pattern gives the bulls some hope of restarting the Santa Rally imho pending an upside break, and RSI/CCI divergence are suggesting support…
Not much sign of serious buying today though, and a break south through prior 10740 support could clearly put a bearish damper on seasonal rally hopes…
Christmas rally, there won't be one," said Philip Dow, director of equity
strategy at RBC Dain Rauscher. "But there are a few days left this week, and I
still think there could be a surprise rally. What we need is a catalyst."
Early Wednesday stocks rallied despite news from the Commerce Department
that the gross domestic product increased at a 4.1% rate in the third quarter,
slightly lower than previous estimates of a 4.3% growth rate.
Economists surveyed by MarketWatch had expected growth of 4.3%.
Crude futures were higher, but well below the psychologically critical level
of $60 a barrel. The February contract last was up 23 cents at $58.32 an ounce.
Gold futures were under pressure, as the February contract fell $2.20 to
$494.80 an ounce.
The Treasury market was under pressure, sending yields higher, despite the
weaker GDP revision. The GDP report's core personal consumption deflator, which
is carefully monitored by the bond market, was boosted to 1.4% from 1.2%
annualized.
Some buying kicked in.. but is it a rally or just 750-900 range bound?
macbonzo
Well-known member
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Who said market participants were like sheep. Predictably, everyone starts selling at 1.00pm and it accelerates at 1.30pm. I really can't see the market giving up much more than half these gains.
I think with low volumes and the transport strike, the markets are looking at bit random at the moment.
I think with low volumes and the transport strike, the markets are looking at bit random at the moment.
tradesmart
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Yes, the sideways theory is shaping up quite nicely now......
What the Dow does when the way forwards is a bit foggy..?.....draw a triangle...!
In this case it's a 200pointer hinting at a 200 point target from the sharp end breakpoint which could be some days away yet.....
We're at the top of a big rise and the mood still appears bullish, so I would favour a break to the upside.......
Maybe the PPT gave further notice of their intent today.....
What the Dow does when the way forwards is a bit foggy..?.....draw a triangle...!
In this case it's a 200pointer hinting at a 200 point target from the sharp end breakpoint which could be some days away yet.....
We're at the top of a big rise and the mood still appears bullish, so I would favour a break to the upside.......
Maybe the PPT gave further notice of their intent today.....
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macbonzo
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leovirgo said:
Kidding or not, it has been a extremely effective strategy for 5 days. You could almost set your watch by the 6pm dip followed by the 6.30pm 30 point dump. Even with yesterday's internals being very bullish, 65 of the 95 points were erased.
You wonder the extent of programme trading.
User
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What a year its been as far as this thread is concerned. I would like to thank all members that have viewed this thread and members that have participated in this thread. May I also take this opportunity to thank T2W for continuing to improve this website. I leave you with this message:
MeRRy Christmas and may all of you have a HaPPy NeW YeaR!
MeRRy Christmas and may all of you have a HaPPy NeW YeaR!
