Dow Jones Ind Av

[dumbass]

what a day,what a day, what a dawg gone day.
key pivot and 61.8 retracement smashed.
this market is going lower, faded the decline, kitchen sink on at break off pivot.
hopefully full retracement of bull market on the cards.

[Corporate]

what a day,what a day, what a dawg gone day.
key pivot and 61.8 retracement smashed.
this market is going lower, faded the decline, kitchen sink on at break off pivot.
hopefully full retracement of bull market on the cards.

Hopefully?

[dumbass]

thats the idea when your short , you hope the market goes down ?

[Packersoldkidney]

thats the idea when your short , you hope the market goes down ?

Maybe he wants to lose money? I can suggest a drug habit or gambling, addiction to prostitutes or maybe even run for President of the USA? They seem to be the best situations to be in if you want to squander the hard-earned, or others hard-earned, in the latter case.

[peat]

Thought I'd have a say seeing as this is where all the action is. NB Only demo for me.

Its found support around the 8300 level (the 78% retracement of the big bounce) - if I traded this I would be considering that right now. Of course below 7900 blows it away again. Initial target would be 9100

Just as a bit of light entertainment on Sept 23rd I put a short in here on the demo and forgot about it. I came back into the demo system for the first time on fri last week and closed it out for a massive 2500 points. lol.

[dumbass]

hey peat , id say that was a pretty positive day for the markets , i saw the 78.6 bounce which could be interpreted as a retest of those panic lows.
my feeling is we may see a bit of a range for now between the low and the rally high,9900 - 7900 maybe a triangle flag set up before next move lower.
i reckon even the bears have got to be feeling a bit exhausted.
i got stopped on a trailing for a result but just missed my target.

[AMR]

Yes I think all the sellers have sold and theere's no one left to sell. Agree regarding the base building comment, we are currently well below any trendlines.

I took a long last night but pulled it after feeling uncomfortable about pursuing something on a mere gut feel.

[Hoop]

As you guys said the Dow respected the 78% retracement early intraday trading today, adds a little more reinforcement to that very weak support line at 8200 or thereabouts

Nice blue hammer a promising sign. A key reversal event?

DA, I agree this present down wave may be running out of steam, the bear should be getting tired mauling all the markets at once. This series of deleveraging within all markets is nearly over methinks. Most hedge funds and margin calls have been actioned (exhausted) so should see a reduction in seller numbers for the time being, unless another economic bomb unexpectly explodes.

IF the 7800 bottom holds there looks to be two trading ranges the DOW could settle into...the 8200-10000 or the 10000-11800 for the time being.

[dumbass]

i think there aren't many bulls out there , after a 1000 point rally it was clear there was no follow through buying and if ever there was a reason for money to move in , a 1000 point rally would normally do it.
today was missing the normally large wave bear selling in the final hour as i thought the market was there for the taking,
so stale mate in a range i guess but things can change so quickly.

[dumbass]

Most of the focus at the moment has been on the various bail out plans being touted around the globe which are capturing the headlines.
Reviewing the economic data out of the States this week makes truly ugly reading.

Friday :
UOM reported a sharp fall in consumer sentiment 57.5 vs 70.3.

Housing starts were reported -6.3% to their worse level in 17 years.

Thursday :
the CPI and core CPI were reported flat, Industrial production continues to contract -2.8% vs. -1.0%,

unemployment claims contracted 16K to 461K.

Philly FED reported a sharp fall off in regional manufacturing -37.5 vs. +3.8.

Wednesday :
Retail sales dropped 1.2%, and the Empire index dropped a contracting -24.6. The PPI reported a decline, but the core PPI rose 0.4%.