Guest Posted October 2, 2003 Report Share Posted October 2, 2003 Aha, we got the predictable flagpole on open but now doing a bearish pennant intraday. All Ords currently +29.9, almost 1% up. B4 had this pegged nicely yesterday in M2M, rise for the rest of the week then wham bam, thank u ma'am.. (not that ma'am has been whammed YET but it is indeed possible). I closed out my WOW put this am for a modest profit. The parent stock dropped 4% on what appeared to be a favourable announcement to my tiny mind but that's the prob with funnymentals hey.. On the chart it was in an expanding formation which is bearish. I'm out of the market now waiting for another favourable short setup. Ed of http://www.signalwatch.com/markets/markets-dow.asp : The index looks good to continue higher in the medium term, especially if the index can form a continuation pattern at the highs. A higher low or a consolidation at the high is very likely tomorrow. Either pattern will indicate further upside potential for the index. However, we may begin to see weakness once the 9,600 is hit. This level is the point where the Dow would hit the major lower trend line from underneath, triggering the possible "kiss of death" scenario that we have discussed many times. Watch for a reversal if the index approaches this level Thursday or Friday. Should the index break back below 9,350, look for another test of support at 9,230. DOW daily Ed's scenario concurs neatly with B4's. I like it.... Golds moribund today. Nikkei started way up but now pointing south, +1.2%. Singers +1% and moving sideways. Link to comment Share on other sites More sharing options...
Guest Posted October 2, 2003 Report Share Posted October 2, 2003 The day degenerated into a buying frenzy which seemed mainly confined to the blue chips. My riverboating friend, now mostly in cash, said the specs weren't playing. Da boyz wheeling and dealing in the late late trades with masses of shares changing hands. "I sell you these lovely WES very cheaply for some of your filthy TLS" hahaha. All Ords closed +38.7 (+1.2%). Now that is one BIG jump which takes it back to the resistance zone if nothing specific in the way of numbers. The golds: Newcrest and Newmont closed up slightly and Lihir flat. Euphoric rises throughout Asia... Nikkei +2.2%, Singers +1.3%, Honkers 2.5%. Expecting similar in Europe.... Link to comment Share on other sites More sharing options...
alceringa Posted October 2, 2003 Report Share Posted October 2, 2003 Yoo-hoo world markets Uncle Buck Spoo-Hoo's- Nasty- Globex Flash Quotes Link euroland Jo-burg Miners Here After Hours-USA Island AM Market Call By CNNMoney From Bloomberg 0415AM Stool HQ Time Ahold Writes Down Some Assets by $3.8 Billion After Overstating Earnings Royal Ahold NV, the world's third- largest food retailer, wrote down the value of its U.S. Foodservice distribution unit and other assets by 3.2 billion euros ($3.8 billion) after it overstated earnings for three years. European Stocks Advance; Shares of Insurers Axa and Aegon Lead the Gains Spitzer Is Investigating Millennium Hedge Fund Group, People Familiar SayBloomberg Link to comment Share on other sites More sharing options...
The brown one Posted October 2, 2003 Report Share Posted October 2, 2003 Moanin' from A'dam. Quite a day to miss yesterday!Gap up opening today and now 10 points higher than Monday's low.Everything was dover-sole,so to be expected. As the TA guy here mentioned-strange that the decline stopped inbetween 2 fibo levels.Doesn't do that too often! Seems now like an attempt will be made on the 200dma from below,which if successful could add another 10 points to the 50 dma,both of which are now downtrending. Said before that with all those open put options here at 300 and 320,seems unlikely that an options expiry below 320 is an option!!And strangely enough,someone last week created a new series at 325 and 315 strikes whereas 10 point strikes are normal-to what purpose one wonders! Anyway it's all a fix so there's not a lot of point in trying to second guess it. September/October have to fulfill their promise of being a crash month just to get a load of people short or covering in advance of a blast higher into end of year.Then after this period is over everyone will be long into eoy and that's when it'll happen! Note about Ahold:nowonder the banks won't let gravity take its course--not only are they part bagholders,they earn 140 million on the loan and restructuring commissions!Ah,ha. Wonder who the real bagholders are, J6Pils I suppose as usual. Not in an uptrend nomo. Link to comment Share on other sites More sharing options...
Janitor Posted October 2, 2003 Report Share Posted October 2, 2003 Same story here in South Africa. Gooooood morning Phaurum. Our markets retracing caning from last few days. Currencies still strong pointing to further pain for South African resource stocks. Link to comment Share on other sites More sharing options...
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