that there gap up on the close?

[_nova]

It's going to close real quick tomorrow morning. XPT is through USD1000 and trading USD996. OUCH! Somebody please build more beamers!!!!

[_nova]

ok, talking to meself... if u went long the ALSI overnight...pray

[HungryPunter]

I am assuming you believe we are in for a bit of a tumble down in the morning?

[_nova]

doesn't look like it nuh? Anyway, weird market. DAX closed in quick order and now sideways, FTSE is sideways, yet we are up and sideways. Let's see what happens at 15h30 assuming the SEC doesn't extend the ban on shorts...

[_nova]

and then there's still that gap... Chartist? John? what is the prognosis on this one?

[john_1]

Hi Nova..Its still in play untill the high of 22565 is breached...its not looking great at this point but that could change...Trichet is speaking this am..I think now so that might effect things...God Know he should be cutting interest rates and is way behind the curve.

[_nova]

Yes I agree on that. It's nuts that he hasn't cut the rate but then that's going to rock the EUR world but at least will be good for their exports and that's where they're hurting most. Anyway, the other little factoid to consider is that hedge Fund managers in the US are pooping themselves with the volumes of redemptions they got yesterday. They're still not sure how many billions in stocks they have to dump to meet the 'I want my money' crowd. I think this little issue is going to have a big impact on the markets over the next month

[john_1]

Its the biggest reason for commodity price drops..people need money and instead of dumping losing trades they dump the winners..we have all done it. Look Nova do not be confused by yesterdays rally it was simply the Traders taking money off those who panicked.

[_nova]

John, I totally agree with you on that one. This is a mother of a bear trap building up IMHO. There's no real tech indicator of it beyond longer term trends (daily, weekly etc) but right now raw psyschology is about the only sentiment that matters. I'm just not yet sure where the short trigger will be. I've marked off the 22500 level you mentioned as the 'all bets off' level. Also working off Simon's analysis of the TOP40 this morning. It's real difficult to not be fooled by 5min and 30min candles in this market. I keep reminding myself to look at daily and weekly candles as that's about the only view that's reasonably stable and doesn't get clouded by volatility right now.

[_nova]

21800 is the risky trigger and 21700 is the sure bet. 21760 must hold this week. If not... 18000 here we come

[_nova]

mebbe here we go? DAX failed to breach 6000 and FTSE failed on the edge of 5000 and both coming off hard now. Do we follow?

[scandal]

nova the levels you gave.. care to elaborate? key in which direction?

[_nova]

scandal, they're short term for a short. 21800 because we've bounced off it three times today (risky). 21700 because it's about halfway to the gap close and if we get there then it's very likely we'll close the gap.

[_nova]

Long on Stupidity, Short on Common Sense ... brilliant article on CNBC at http://www.cnbc.com/id/26964122

[john_1]

crunch time

[_nova]

yep, nice intraday DT on the Top40 and FTSE 5 min candles

[john_1]

Dude you think to much....

[scandal]

me thinks in the next 45 min we shall see a brief move up. Then the dow open will determine where we go from there. Any takers for the long scalp. at least 80 pips on the asli.

[#19]

21700 on the cards gap close

[timba]

the gap i see on my charts is from yesterday which is 22170...where do you get 21700??