Guest Posted July 2, 2003 Report Share Posted July 2, 2003 US market looking VERY bearish when I trotted off to bed last night...this am I log on and its GREEN. Unbelievable! DOW went through the all important trendline intraday but managed to close right on it. No rate cut for us and our market disappointed: All Ords -13.7. Gubmint saying housing market overheated. How true... a house 3 doors down from me in very poor condition has an asking price of $300-330k, OUTRAGEOUS. I wouldn't pay a penny more than $250k. Golds up 2%, nice... Link to comment Share on other sites More sharing options...
Guest Posted July 2, 2003 Report Share Posted July 2, 2003 Small Is Beautiful Did anybody notice today's Comex Crush? While it was very small, almost hidden, it was a real beauty. In the midst of a steady gold rally, all of the sudden a $2.00/ounce drop in the last few minutes of the Comex session. Right on schedule! Sure enough, almost simultaneously in the equity indices ... a Comex Crush Boner!!! Just a little one though, proportionate to the Crush. Their ability to pull this one off time after time after time and the perfectly coordinated symmetry of this one is almost admireable. It would be if it weren't so slimey, and ultimately harmful. Of course, the Big Boner Blast that jammed the markets up for good popped about an hour later. If figure the boyz are a bit nervous, as they should be. They didn't want to shoot their wad only to produce no effect. I suspect they tested the market's manipulation responsiveness, liked what they saw, and then jammed in some of the ammo they built up last week (or just feed from any damn day). I just cannot believe they can pull this off too much longer. What real buying is going to enter that hasn't already. Some Stoolies have posted over on M2M that some indicators suggest another batch of bull money is entering. If so, I still have to ask how large that supply can be. Can manipulation, even on a massive scale, really have an impact beyond a time scale of hours if it does not spark market-wide participation? As a case study, the daily-data cycle chart of USD/JPY created by mrkcycles.com shows an almost perfectly straight, horizontal nominal fit / cma. From that, it appears that BoJ has accomplished its mission -- putting a cap on value of the Yen versus the Dollar that cannot be breached. Yet looking at the actual exchange prices shows the Yen clearly appreciating, albeit in fits. The Yen appears to be at a precarious breakout point versus the Dollar, just like the other major currencies. So has BoJ really accomplished anything? I suspect not. "Manipulation" is ultimately done via the same participation in the markets as all other participants -- buying and selling. Despite different motives and massive size, a manipulative entity is just another player. The effect of this action, like that from any large player, seems to ultimately show up as only a temporary change to the linear slope that is counteracted by an increase in cycle amplitude. The net effect is that while the path may change a bit, even a lot, the end destination remains the same. At least it appears that way to my eyes. Time will tell. Link to comment Share on other sites More sharing options...
Guest Posted July 2, 2003 Report Share Posted July 2, 2003 My trades from Monday a.m. worked out very nicely. My "pair of pairs" trades have all worked out, working like synthetic option straddles, without the obnoxiously high transaction costs and risk of time decay. Each one has produced a result with the 'winner' leg significantly outpacing the 'loser.' The two from Monday added together netted almost 100 pips/lot. The two pairs of pairs I look for are EUR/USD with EUR/JPY and GBP/USD with EUR/USD. The two 'legs' of each combo really track each other closely, at least so far. I'm definitely going to look for these set ups as my first trading option until and unless the market suggests otherwise. No such set up is in the cards today. Most of the pairs show dull action within an environment of dull cycles, with prices very close to nominal. The one exception is GBP/USD with its price about 100 pips above downward turning 8-day and 13-day cycles, which I like to scalp towards as a mean-reversion trade. I entered a couple hours ago. The last I checked, the price is just sitting there, dull as the other pairs so far. Link to comment Share on other sites More sharing options...
Guest Posted July 2, 2003 Report Share Posted July 2, 2003 Gotta agree N.Ron, can't see how they can hold it up much longer either. In fact it's getting damn tired. Seeing a loss of momentum on individual local charts now.... For us today: sideways with some volatility around open and close. All Ords closed -5.8 (-0.2%), not a big move but the action was bearish imo with little enthusiasm. Golds did well again with Lihir Gold starring, +3.7%. Still haven't had a long signal on that one but must be gonna happen soon. Most of Asia up today, Nikkei +3.38%! Link to comment Share on other sites More sharing options...
OceanBound Posted July 2, 2003 Report Share Posted July 2, 2003 As expected, the Euroland indexes are running as fast as they can to catch up with yesterdays US close. Oyster still very bearish and warning the masses with Spoo at 584 in the future. That is just 400 points from here. He is so bearish, I love it! :grin: Link to comment Share on other sites More sharing options...
fxfox Posted July 2, 2003 Report Share Posted July 2, 2003 DAX pricing in yesterdays upmove in the US, currently at 3215, downtrendline around 3255, could test it today, then pullback? euro relativly stable, doesnt price in yesterdays stocks upmove that much. Looks like some folks wanna see if stocks "rally" was for real. Link to comment Share on other sites More sharing options...
The brown one Posted July 2, 2003 Report Share Posted July 2, 2003 Affynoon from A'dam: Slept in this moanin'.Missed Oy on box.Needless to say,Euromarkets up 2% today due to the jam job last night in US. Notice how it's done only after the DAX closes at 8.00 pm CET. Bonkers getting pumped up good here.Also chip machine maker ASML.Funny thing about ASML is that they got upgraded this am by some scumbag bank.This gets reported on Eurocrapvision---what wasn't reported on that channel(but on lokal tv) is that Philips (a major shareholder in ASML) is going to sell a load of its ASML holding! Amazing(not really) that ASML is the leading gainer today on good volume (6%+). These bonkers are definitely not getting caught with aload of crap on their hands over the summer vac.Distribution rules-OK! Link to comment Share on other sites More sharing options...
alceringa Posted July 2, 2003 Report Share Posted July 2, 2003 Yoo-hoo world markets Uncle Buck Spoo-Hoo's- Nasty- Globex Flash Quotes Link euroland Jo-burg Miners Here After Hours-USA AM Market Call By CNNMoney From Bloomberg6:25 AM Stool HQ Time U.S. Stock-Index Futures Rise; Microsoft Shares Gain in Europe on Upgrade U.S. stock-index futures rose. Microsoft Corp., the world's largest software maker, advanced in Europe after Merrill Lynch & Co. advised investors to buy the shares. European Stocks Gain for First Day in Five, Paced by Philips and Infineon Asian Stocks: Japan's Nikkei Rallies; Taiwan, South Korean Shares AdvanceBloomberg Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.