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Geez the Europeans lack Balls

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john_1
Super Contributor
With the US market closed its a great chance to hurt the yanks while they sleeping..this is such a tight band they trading in. They really lack any conviction at all.
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20 REPLIES 20
john_1
Super Contributor
Thats bettter. What the chances of fridays gap closing before the end of today?
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Not applicable
John I really think "hurting the yanks" is the furtherest thing from the European's minds....with the European bail outs just starting they are just behind the curve thats all...dunno u complainin about beautiful gap close today...with great tradeable levels...
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john_1
Super Contributor
And there we go into the abysis!
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john_1
Super Contributor
The gap she be closed.
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JohnnyCash
Super Contributor
Not quite, got the friday gap low at 18250. How's that gap within a gap now? Will we close todays before friday or vice versa?
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john_1
Super Contributor
don't be a ***** for a tick
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_nova
Super Contributor
something from the left field to consider. The USD Index is very, very bullish and been climbing since middle Dec 08. It's 86.50 at the moment and aiming to break the 89.20 high of late Nov 08. While it is overbought history shows it can stay overbought for a long time and that overbought levels on this index often trigger a rally. If the USD does indeed rally then stocks are going to take a thumping, especially resources. This morning the EURUSD broke down through 1.30 for the first time since late Oct 08. The 1.30 level is significant and implies more downside for stocks. I reckon a gap close today is a great short opportunity.
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john_1
Super Contributor
hozit Nova...Yip we are on the cusp of somthing.. looks like a break lower, but support needs to be taken out first.
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_nova
Super Contributor
Ya, things are a bit overdone at the mo. My EURUSD chart shows a high chance of a bounce back into 1.30 and even 1.31 to get daily indicators up from oversold levels and probably on the back of an "O" bounce but then methinks the USD Index will go on a rampage on Dollar buying and will disillusion the markets big time. I expect the USD Index to break up through 90 within the next week. I'm definitely looking for stock short entries on any bounce from here on
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_nova
Super Contributor
yep, looks like a bounce in the making on the 5min TOP40 with all indicators picking up nicely. Let's see if it follows through
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_nova
Super Contributor
that was half-hearted. Anyway, I reckon EURUSD below 1.30 and the gap wont close. EURUSD bounce above 1.30 and the FTSE and EZ lifts and our gap closes. Tis that simple.
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Not applicable
Nova so if the dollar remains strong,only resource stocks will come under pressure or all stocks,mtn etc??what would you reckon is a good short entry point at this stage??entry at the gap close??Cause acl,agl,bhp dont look like it gona close gap today
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_nova
Super Contributor
everything imo, but then I can't really have an opinion as I trade only index futures and FX and only hold stocks with 5 year or longer view. What's important is that this gap closed yet the USD stayed strong and that pretty much guarantees a reversal after the gap close. Chartist, John et al called it spot on.
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Not applicable
can u not come up with anything original ever?
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john_1
Super Contributor
Why, when its more fun upsetting you copy right lawyer. And as if you are going to claim you coined that phrase..geez mate thats been around as long as there has been a market.
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Not applicable
u just dint get it do u?..ever...have some self respect man..
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JohnnyCash
Super Contributor
mmm, guarantee is a bit strong, whilst we got a pullback after breaching today's gap it looks like it wants to go back up. That short is not a sure fire thing, neither the long. What will play a major role will be the US reaction to the inauguration.
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_nova
Super Contributor
yep, you're right, no guarantees other than tax 'n death. Anyway, looks like 18600 is the level to watch, previously support and now resistance
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_nova
Super Contributor
...on futures, ALSI MAR09 contract that is
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