how do you see the dow index going today Dow Jones and S&P commentary: Signal Watch Dr Bob Hard Right Edge Raptor Research Charting by Snoball: Dow Chart S&P Chart Drinks & Break Time at: GD's Famous Tea Room & Watering Hole"

DOW JONES @ LIVECHARTS

good short on the dow atm.

Greenspan does it again, and he's still got tomorrow's
waffle to get through yet. Lol.

10,400 seems to be finding support at the moment.
If the Bears can't drive it below this then they'll close
and take profit which will squeeze it back higher.

All depends if the Bulls want to hold 10,400 or not.

Melnibone.

Closed my spx june long for -7 points.
Short the june spx.

Closed my short.
That's it for today.
Too confused to continue.

o.k. never mind the confusion.
short the spx june.

That's better.

If you check a 10 Day chart, this is where the S@P
found support last week after the drop from 1150.

It needs to break through 1120 for the Bears to take
control.
Could be wrong, but that may depend on Greenspan's
testimony in front of the Senate tomorrow.
Let's see if it holds for the last 10 mins of normal
hours.

Melnibone.

Closed the spx short for 4.5 points.
nite.

afternoon everybody;
greenbum talking today -surely cant bring the house down twice or is ghe going for an encore!!!!!!.

managed a short quick earlier. now just watching.

rgds
zarif

He's already spooked the markets. Consumer debt is high
and he is intimating that interest rates may rise sooner
than expected.

Markets are worried that this will cause them to pull in
their horns and reduce spending.
Reduced spending means reduced profits unless you cut costs
further or increase prices which will increase inflation
which will cause a further rates rise Etc..

You get the picture. He's walking a tightrope.
Markets don't like uncertainty. Also the margined
speculative money will come out of the market if it
starts to fall further.
They can't keep it in if it's borrowed and they 'ain't' got it.

Melnibone.

afternoon everybody:
just got back in time for he YM open. The jobless figures were not good so lets see if it makes any difference after greenbums speeches and i believe there is more speeches due by other feds.

rgds
zarif

US is in the middle of a trading range, IMHO.

This could break either way and still stay in the
range without establishing a trend.

Just need to stay loose and not fight any short term direction.

Melnibone.

melnibone - A good afternoon to you.
You are quite right.It seems to be consolidating and bobbing within a range and UNLESS it makes its mind up or down then jump on the boat making sure it has left the shore or surely get grounded!!!!.
Ftse on the other hand is easier atm with 4600 say as top and see if there is a downside looking good for a quick short stam. No long holdings imho.

rgds
zarif

I think we've just seen a fine example of a Bear squeeze
as they took diminishing profits.

S@P is now back to the pre-Greenspan effect. :-)

Melnibone.

They sure fooled me!

I'm quitting trading on the Indeces for now and am going to give cfd's a try on stocks for a while.
Hargreaves Lansdown have given me 15 free trades as a promotional offer at the Master Trader seminar last Saturday, so I'll give that a go for a while.

Good luck out there.

I won't be updating the charts regularly.

Good luck with the stock Cfd's, snoball.
That's where I make most of my money.

The index moves often take the stocks back to good
support levels and I find them more predictable and
less liable to tank badly if you pick Blue Chip divi
payers.

May I suggest that you concentrate on liquid big caps
at first?
You'll have no problems with closing positions with the liquidity available,
the spreads are better than mid-caps,
they're analysed to death and are less liable to give
you a large drop.
When they do drop, funds and bottom fishers buy them back
cheap and you often get a good bounce which alleviates your
loss if you happen to get caught out.
If you had no position when they drop, this is where you can capitalise with a
relatively low risk buy as the large drop has already happened.

Melnibone.

If the S@P close above 1134 today, I will be looking for
further strength next week, subject to any 'event' over the
weekend, of course.

Melnibone.

Thanks for your suggestion Melnibone. Sounds sensible to me.

Snoball:
Glad u are going to try "new pastures" -but i hope u shall keep on posting and as usual your comments and work is always appreciated.
Let us know how u r getting on with the cfds and the pros and cons of it-you never know u might end up converting us to it aswell.
Melnibones advice is sound as usual.
Good luck mon ami and trade safely and wisely
wishing u all the success
rgds
zarif