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INDU looks to be running into resistance.
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tomb traider wrote:INDU looks to be running into resistance. Nice call on the Dow hitting resistance -- it tagged it and retraced. Happy Trading
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Observation: Last month the Federal Reserve announced a hike in the meaningless discount rate the evening before opex. This month, the Securities and Exchange Commission makes public a lawsuit against Goldman Sachs right in the middle of the opex session. Coincidence?         Well, it looks like the the markets will have a correction. The game plan in a Bull Market is to buy the dips. I am looking to see if the Dow will test the breakout level of 10730 and will be keeping my eye on a heavy buying on weakness day. I am also keeping my eye on the Dollar. If the Dollar prints an early swing high, that could mean a left translated daily cycle which would send the dollar down to test the 79.50 support. Happy Trading
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Some substantial selling on strength in the SPY yesterday.
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tomb traider wrote:Some substantial selling on strength in the SPY yesterday. Tomb, I saw that and of course there was more on Friday. I am not sure what to make of this. Normally I would say watch out for a correction. The markets had some good reasons to correct recently with Goldman Sachs, Greece's Debt Issues, Even with the Dollar rallying this week (b/4 pulling back on Friday) -- the Dow kept chugging ahead. It is beginning to look like the Markets are entering a runaway move and if that's the case, we may get a small short correction and then continue higher. We saw something similar in 07  Happy Trading
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I am beginning to think that the Markets are entering a runaway move. A week ago Friday, the Dow went down 180 points, since then -- it has achieved new highs. The Markets had good reasons to correct with Goldman Sachs, the Greek Dept Issue, and the Dollar Rallying. The charts will show that the Markets and indicators remain Bullish.       Happy Trading
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Apparently some sudden selling in PG stock triggered the big drop just before 15:00 http://market-ticker.denninger.net/archives/2282-Mr.-President-Unplug-the-Fing-Computers.htmlI didn't have any positions open, hope everybody else was this lucky as well.
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Tomb, Apparently PG could be considered the proverbial "straw". If you discount PG, the Dow still closed 347 points lower which was a 3.2% drop.  I don't think that we are done.  There was Huge Buying on Weakness numbers today and we also had similar Huge Buying on Weakness numbers on Tuesday. The Markets are now oversold and there will be bargain hunters out. We will probably sell off some more tomorrow I just think that since the Dow found such strong support in November/December and we see support again at this level in February, I think it will provide support again. We also need to see a resolution (a check cut) of the Greek debt crisis to help remove uncertainty from the markets. Germany has their elections this Sunday -- no check will be written before then. Happy Trading
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Anybody notice what happened to the yen this week? The first chart is the EUR/JPY pair, where we see a 7% decline for the Euro vs the Yen in four days. The second chart is a 1 minute chart of CAD/JPY compared to the dow in blue from last Thursday. No other currency got hammered like CAD during the spike. Note the spike in the Yen just before noon, this may just as well have been the ignition setting off what was to follow. I'm still trying to figure out the implications but since I'm not a dedicated FX follower I am a little in the dark. However I am not convinced that the flight to safety is in the dollar, after all when the issue here is countries defaulting on sovereign debt the U.S. may just have something in store for us.
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Now, where have I seen this pattern before??   Happy Trading
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  Huge buying on weakness numbers on Wednesday, which indicates the Big Boys are getting close to jumping back in. Usually we get a 90% down day that also accompanies an intermediate cycle low. We may need to get through options expiration before a bottom gets put in. Happy Trading
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Likesmoney, I would like to thank you for this service you give us. It really helps us make decisions for the upcoming week. Thanks again. Trade well my friend.
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Today support from the 50 week SMA held. Don't expect to much upside until Thursday however as there is another 70B to be auctioned in 5 yr and 7 yr notes. Today's 2 yr apparently went quite well. http://online.wsj.com/article/BT-CO-20100525-712043.html?mod=WSJ_latestheadlines What a fortunate coincidence that the markets sell off just as you have 110B in bonds to sell.
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toddpicks wrote:Likesmoney, I would like to thank you for this service you give us. It really helps us make decisions for the upcoming week. Thanks again. Trade well my friend. Thanks for your nice words, I do Appreciate them.  Happy Trading
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