Nothing quite like a sucker's rally to brighten my morning! The Dow took a nosedive last night after Europe tried to rise. Perhaps time to decouple a little as the US and Europe are in slightly different economic cycles. Today will be the eighth trading day with indices stuck in this narrow range. We may end up with a similarly shaped day to Tuesday, with the FTSE and DAX having been pushed down overnight and slowly regaining their losses until the Dow opens. Nobody really knows! To short the FTSE again I want to see 5350.
10 Jul 2008
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ReplyDeleteGOLD
SELL @ 931.2
coming off RSI oversold on 3-min chart. Just holding on to see if SAR broken at 930.
Well that kinda sucked! Turned around sharply.
ReplyDeleteBUY @ 930.1 to close
Profit = 1.1 = +11 pts
mmm... dollar up, oil down, but gold holding on to $930 for now.
I am going to start a page with medium-term trades.
ReplyDeleteFor example, today a BUY for the Dow at 11150. This may seem suicidal but it is the third time down here, and every time it creates an oversold condition and the index rallies. Tight stop for such a trade, at 11090, which is the SAR on the downside.
If I was wiser I'd have waited to catch the FTSE at a better price than yesterday. We shall see.
Anyway, need to code a table and a new page, so will do that at the weekend.
Oil and gold spike up in the last half hour. The baiting of the US continues. This is like a red rag to a bull... or bear in this case. Let's see the market's illogical take on this. Looks positively grim.
ReplyDelete