Wednesdays movements Top40

[#1]

Firstly we me end the red we saw on Tuesday and continue back up. However I believe it will be another bearish day, possibly lasting to friday/monday. Ive been charting the move up from the low on the 5th of January to the high on the 26th of February. If this is just another pullback we have a lot of support at 22970, which is the 50 day EMA, aswell as co-incidentally being the 50% retraction on a fib scale from the 5th jan - 26th feb. I think well continue down to there and start moving back up.

[Tango]

Chris, take a look at the US - they have shaved 500pt off the DJIA... I think tomorrow could be worse than today.

[kloot]

For what its worth i've been watching the dow throughout the evening believe it or not the fall from 12349 to 12086 took 5 seconds.That was a fall of 263 points.

[john_1]

Much of the fall in China was stoped by limit trades. The exchange suspends share after big drop so it is likely that the fall is to continue. On our market I see many of the shares stoped on or just above support today if tomorrow is bleak it could be very bleak. That said they remained above support and some bargain hunters are bound to start sniffing about.

[YNWA]

DJIA "fighting back" down 330, ha! Is the PPT hand lurking in late trade SOL -9%..BHP -8%..GFI -9%..HMY -7.5%..SPP -7.7%..TKG -6.3%..EZA -8.2%..EEM -9%....not your normal XXX bedtime story!

[john_1]

A little horror before bed time, sweet dreams.

[#7]

This worldwide sell off started with the Chinese government saying they may take steps to curb speculation and ease growth, then the sell off happened on the Chinese stock exchange (down nearly 10%)-Asia followed. Then there was news of a steep decline in durable goods orders for the US for January. Europe went down as did we. News of VP Cheney being the target of a suicide bomb. Wall Street opened And saw all of this & tumbled. Main point being is none of this seems concrete, apart from the durable goods orders. Selling will continue but not for long. OF course I've never been through a market crash before so I don't know what to look for, but when the level i mentioned above is breached Ill look to the 80 day EMA. if that is breached we will in all liklyness have the second major correction of our bull market. Really we will have to wait for Asia tomorrow

[john_1]

You left out the two real reasons the yen moves and God greenspan talking about the R word

[YNWA]

Wonder what the "braai" conversations are ranting on about tonight? Bet you 1 chop 'n dop that they have ABSOLUTELY nothing to do with the markets!

[#10]

The R word was kinda implied with the durable goods orders being sharply lower. I really need to express myself more clearly lol. The greenspan speech was yesterday. The durable goods orders drop , in the minds of investors confirmed everything he had just said. People really need to relax more. Markets would be much higher if everyone got the professional therapy they need. or had sex more often to relieve tention.

[john_1]

Hey Chris, Have a good night I seemed to cross paths with you today, I agree more therapy. I will keep an Eye on those levels thanks for that.

[#12]

you too john. I admit when i first posted this thread was a bit more confident in those levels. if asia holds tomorrow i doubt well break through them. ciao

[Werner_1]

yes, i think Asia tomorrow morning will be a point to monitor, but i am now bearish unless i get pointers to prove to me that it is over. I am looking at options for going short, any suggestions, STX40 SSF? If this is like last May we can get some downside still, like mentioned, until Friday/Monday...

[SimonPB]

ya john and the irony of it. Greenspan famous for deflating the bubble without a crash. Then in his retirement he does what he spent his career trying not to do.

[#15]

market seems to have started just below the 22970 mark and then gone up.