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Online Share Trading

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The dow has a broken back

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ian_kotze
Regular Contributor
and citi stocks below $1. Hope the shorts are in place
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8 REPLIES 8
dookie
Regular Contributor
Hmmm.. Me still looking for something to trade. Was hoping for a bit more of a rally before going short - but that idea seems to be going down like the Hindenburg. Will have to wait for further inspiration.
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Not applicable
gold or platinum attractive longs, implats great on the technicals, or short gnd for a 10 % drop
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dookie
Regular Contributor
Tanx. Will look at those. :-) Just done a bit of chart trawling meself... pick of the week on charts only: ABSA short. I don't even want to think about it... but looks like it could be heading for 16.00 on that well discussed H&S. And short PPC. I think it looks fragile, having broken support on daily RSI line from July '08. A close below 28.00 today will take it below 4 month support on the weekly closing chart. The beginning of that second leg dowwwwwwwwn? What about that 1997 - 2009 double top on the S&P 500. Are we looking at a low of 52 (as in f*i*f*t*y t*w*o)? Please somebody tell me there's a mistake.
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dookie
Regular Contributor
That GND is a really nice one. Looks like a pretty perfect double top!
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_nova
Super Contributor
Yes, it is a double top dookie and 600 is about the final trenchline. That said it's highly unlikely it will go below 600 or at least go below and stay there. Though, if it does do what double tops do, then we're looking at 400 at best. Today is going to be the big kahuna make or break day with the US NFP and Unemployment at 15h30. It could well trigger a panic selloff which the drop in the markets over the whole week has pretty much been hinting at. NFP estimates are all over the place ranging from -600k to -700k with unemployment estimated around 7.9%. Whatever comes out, the figure is not as important as the reaction. From 15h30 to 16h00 today will probably determine whether we go down another +20% or find a bottom.
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_nova
Super Contributor
If NFP prints -650 or less then we get a rally. If it prints -700 or worse then we drop and the USD rallies. Market already expects a worse number so if we get a rally it is going to be wild. OMO
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Wizard
Super Contributor
1 thing I notice is that the RSI on VIX doesn't go above the 60 mark at the peaks which is quite bearish.
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Wizard
Super Contributor
Also Gold should have been over $1000 with all the nagative news around. But prior to last night it has been going down with the markets...The question is...What is it pricing in?
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