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Looks like we might just get some direction today

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Not applicable
JSE trading at the top of an ascending triangle dating back to may 18. Wall street sitting at the 10300 level, which has proven difficult to crack so far. The rally we have now, is off hte back of Asian markets which are notoriously misleading. My synopsis would be that whatever happens today, only a rally on the dow this afternoon - pushing through the 10300 level will provide the confirmation needed to trigger the rally again. Personally, I am feeling bullish again, and since I don't like bear meat, I shall switch to vegitarian. (Chicken counts, doesn't it?)
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20 REPLIES 20
striker
Super Contributor
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divz
Super Contributor
Think US unemployment figures at 2.30 and 2.15 is what we are waiting for
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striker
Super Contributor
Okay Tjops, Dow thru 10300,can we get going now?
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Not applicable
Yes, Yes, I second that. Up, Up and away with the whimpy JSE floor traders that have no guts or backbone. No bad news anywhere. Everythings is green, but still the JSE falls.
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striker
Super Contributor
I dont get it either.Thought KIO would go today - down on yesterday ?
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GarethJ
Regular Contributor
KIO worries me - I suspect it's losing it's charm.. Also expected a big rally today, but it's failing to get momentum going. Could be about to tank?
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Not applicable
Didn't exactly rally past 10300, so the bull run is off - but we had to expect a good chance of a gap close on wall street, now we will see if the momentum up can be built or not.
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striker
Super Contributor
Gareth, KIO has all the right fundamentals - at R316.00 it's great value and I'll be adding to my position.
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Not applicable
Now I think we fight valiantly until down to 9800/9900
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Not applicable
it looks like the dow in a decending triangle in wave c of wave 2 up.Looking at the movement of the dow it looks as if we might go down to 10080 to 10100 then up again in wave 5 c to 10300 to 10325.This might be the last chance for the bulls to change to bears???
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Not applicable
that is always the trouble with technical analysis. Every bull picking up long signals has a bear with a system for shorting in the wings. The point about systems, is that they remove the randomness out of the equation by ensuring that you consistently execute on the same signals. If you jump from one signal to the other, you introduce randomness again
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GarethJ
Regular Contributor
Surely the problem is that people tend to develop a system within a certain market environment and it tends not to work when the environment changes. e.g. the system I tend use (momentum based) was developed over the last year (in a bull) - now every entry has failed during the last two weeks. So, now desperate random scrabbling starts to try and find a system that works in this market (which is looking sideways to me). Should rather wait for clear direction...
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KJR
Frequent Contributor
Any particular reason as to why our markets are down while international markets are green
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KJR
Frequent Contributor
Any particular reason as to why our markets are down while international markets are green
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Not applicable
Looks like we have some direction now. Im guessing unemployment data is not good?
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GarethJ
Regular Contributor
No, looks more like Hungary is now in the same boat as Greece. Looks like the reason for the sudden drop in Euro: http://www.fxstreet.com/news/forex-news/article.aspx?storyid=2a6053d7-a291-40f6-93cd-b85a8f96c15b
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Not applicable
Unemployment figures are the biggest non-event in a traders calendar. We are down I recon because of foreign capital outflow - risk management overseas means selling off risky assets. With the rand depreciating, and most of the big mining stocks looking a bit overvalued in RSA, I think I would also be liquidating my position overseas.
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HateGauteng
Super Contributor
Still feel the same about the jobs data?
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Not applicable
like I said, so far a non event. The dow is down around 1.5%,
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