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I agree to a pullback to the 50. Lets just hope that's as far as it pullbacks to.
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 Happy Trading
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hi sorry i'm new, may i know what u meant by weekly swing high?
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pipii wrote:hi sorry i'm new, may i know what u meant by weekly swing high? No need to say you are sorry, please ask any question -- that's how we learn. This definition pretty much nails it.  source: http://www.investopedia.com/terms/s/swinghigh.aspHappy Trading
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I believe we could get stuck in a trading range for quite some time, rather months than weeks. I would not be surprised if this time next year the Dow is still battling the 10000 level. As for the dollar it seems to set up for a rally. It is currently looking at the 20 SMA at 76.73 but if it can take that trendline out I don't see anything stopping it before 80. The only problem is that I can not come up with a fundamental reason for the dollar to move up.
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likesmoney wrote:pipii wrote:hi sorry i'm new, may i know what u meant by weekly swing high? No need to say you are sorry, please ask any question -- that's how we learn. This definition pretty much nails it. source: http://www.investopedia.com/terms/s/swinghigh.aspHappy Trading thanks for the info. :D appreciated it.
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  Happy Trading
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Possible Swing High in the Dow -- Time for a correction?    Happy Trading
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http://market-ticker.denninger.net/archives/1813-Carnage-Continues-PHK-Who-Smells-Smoke.htmlThis is a interesting piece by Karl Denninger from The Market Ticker. The chart is a DPO (white) vs the DOW. DPO is supposed to mostly mimic the DOW, note the sudden drop of DPO in the last days which is not accompanied by a drop in the DOW and how this same thing occured in September 2007.
tomb traider attached the following image(s):
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tomb traider wrote:http://market-ticker.denninger.net/archives/1813-Carnage-Continues-PHK-Who-Smells-Smoke.html
This is a interesting piece by Karl Denninger from The Market Ticker. The chart is a DPO (white) vs the DOW. DPO is supposed to
mostly mimic the DOW, note the sudden drop of DPO in the last days which is not accompanied by a drop in the DOW and how
this same thing occured in September 2007. tomb trader All I can say is WOW I am glad that you shared this. I have to admit that although I expected a little positive seasonality on the markets, I did not expect to Dow to rally for 155 points today. I still believe that the correction is coming. Happy Trading
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  Happy Trading
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I am not so sure this time. Something fundamentally is different; Obama yesterday announced that he wants to pass a law that will prohibit banks from trading for their own account. Of course the people at Goldman are very honest and ethical and they would NEVER tell their trading desk which stocks are going to be added to the conviction buy list but you can imagine that they are tempted. On top of that Obama wants to limit the size of the banks in order to prevent them from becoming too big to fail in the future. I think that is why the regional banks are exploding the last couple of days. Up to now a substantial part of the banking sector's earnings during the recovery has come from trading revenues. If these revenues seize to exist I do not believe it will bode well for the DOW and especially the S&P.
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That was a pretty big selloff yesterday though, so hopefully it will at least bounce off this trendline today even if it's going to retest it again soon and plow through it.
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