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McLaren states concerning the FTSE

 

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The index is now up to the ÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Â¦ÃƒƒÂ¢Ãƒ¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…âہ“obviousÃÆâ€â„¢ÃƒÆ’ƒâہ¡ÃƒÆ’‚¢ÃƒÆ’¢Ã¢Ã¢Ã¢Ã¢â€š¬Ã…¡Ãƒâ€šÃ‚¬ÃƒÆ’…¡Ãƒâہ¡ÃƒÆ’‚¬ÃƒÆ’â€Å¡Ãƒƒâہ¡ÃƒÆ’‚ resistance but is coming from a higher double bottom.  It should only show a first degree counter trend or it should not correct more than two or three days if it is going higher.

 

He also notes that it is interesting that all the indexes are at resistance levels right now. If they break resistance, it appears McLaren expects an exhaustive move up.

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In reply to: early birds on Monday 02/10/06 09:21pm

Oh you shorted at 6002 EB? Remember I told you I got 10c short at 5984, I got 20c tonight at 6020, and just now covered those 20c at 6000.

 

So I am left with 10c DAX shorts at 6020.

 

Sometime I trade aggressively and average up hoping to get out better than even. Sometimes it goes well, but sometimes not. This time I was lucky.

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Terry McCrann business columnist for the Murdoch stable states his reasons why the DOW is going to go up:

 

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It's the fact that their "new guv" -- formally, Fed head "Big Ben" Bernanke, has stopped raising their official rate, that has underwritten the surging stock market.

That and the price of oil back down in the low-60s and threatening to fall into the 50s. As in, $US60 a barrel. US gas -- petrol -- prices are off US60c a gallon. Remember gallons? That equates to about 18c Australian a litre.

You think petrol prices are important in your life? Both functionally and in significance for the economy? Think double the importance in the US.

 

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In reply to: crowman28 on Monday 02/10/06 09:40pm

not lucky Crow. it is your right analysis that paid off.

 

from last session's price action i thought all major index should've gap down on the "get go"

but Japan's data twist it around.

my mistake is that i took the short position rather too big once trade aganst me the panic sets in. make me give away those shorts cheaply.

always learn something every day.

 

 

 

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In reply to: early birds on Monday 02/10/06 11:51pm

early birds,

 

That is always a problem. Been caught myself when I have had too much money on the line and the market has gone against me.

 

Didn't jump this morning. I was short myself and when I saw the Japanese market jump, instead of waiting to claim my 10pts, I jumped ship. When the market goes up, like that and being a public holiday, Aussie had to go up.

 

Still many people went short I think expecting the ASX to follow the DOWs lead. I think that is still the situation. Most people expect the ASX to go head south.

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In reply to: early birds on Monday 02/10/06 10:51pm

EB, still got that DOW short from 11615 that I carried through for a week ago, and if tonight I can get out at 11644, then I am out of jail. Average down tonight again as we just spoke at 11700.

 

So you entered a rather large DAX short? I am so happy that I am left with 10c and can sit on it as long as it allows.

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In reply to: happy2 on Monday 02/10/06 11:19pm

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When the market goes up, like that and being a public holiday, Aussie had to go up.

 

It had to?

Hindsight is a wonderful thing.

 

asx200 really had no reason to go up this morning. DOW lead was negative, oil/gold/metals nothing special. The fact that it didnt tank is very significant if u ask me as it signals a change in sentiment in my opinion. It went up reminds me of the first quarter. We ignored the US markets whenever they went down, but as long as oil/gold/metals DIDNT fall, we were up, up, and away. BUT Remember what happened last year, market was roaring ahead, and then, BANG, first trading day of october and we lose 100pts. Not this time though.

 

I dont think there will be an october correction, well not just yet, theres been not enough upwards momentum until just now. Still lots of people on the sidelines and lately theres been a change in sentiment as punters have been buying into strength instead of selling into it.

 

Many people were expecting an October effect today, myself included and since it didnt happen, we could see more buying 2mrw IMO...

 

As u say CM, the XJO has alot of catch up to do.

 

Heres a good read about the DOW and what to expect in the coming months: http://www.marketwatch.com/News/Story/Stor...teid=mktw&dist=

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