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Trading Houston 6

Discussion in 'Shares' started by Tropo, 7th May, 2010.

  1. Tropo

    Tropo Well-Known Member

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    HOUSTON...We may have a problem...:eek:

    Dow Plunges Most Since 1987 Before Paring Losses; Euro Tumbles

    May 6 (Bloomberg) -- The Dow Jones Industrial Average had its biggest intraday loss since the market crash of 1987, the euro slid to a 14-month low and yields on Greek, Spanish and Italian bonds surged on concern European leaders aren’t doing enough to stem the region’s debt crisis. U.S. Treasuries soared.
    New York Stock Exchange spokesman Rich Adamonis said “there were a number of erroneous trades” during the plunge. The NYSE told CNBC that there were no system errors as speculation of erroneous trades swirled through the market. The Nasdaq OMX Group Inc. said it is working with other markets to review the plunge.
    The Dow average lost as much as 998.5 points, or 9.2 percent, before paring its drop to 348.63 points at the 4 p.m. close of trading in New York. It ended the day at 10,519.49, a two-month low. The Standard & Poor’s 500 Index fell as much as 8.6 percent, its biggest plunge since December 2008, before trimming declines to end down 3.3 percent at 1,128.03.
    http://www.bloomberg.com/apps/news?pid=20601087&sid=aNDrWwL9nGPs
     
  2. Tropo

    Tropo Well-Known Member

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    XJO

    XJO - important support at 4302.
    Short term support at 4425.
     
  3. Tropo

    Tropo Well-Known Member

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    XJO nicely recovered from support level of 4175 (intra low).
    Below levels are still valid (long term).
    XJO = 4498...4302/4255...4175/4081...3736 :eek:
     
  4. perky

    perky Well-Known Member

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    Hi Tropo,
    One thing about this latest downtrend I did notice - as usual it started with the dow.
    It went from 14,100 down to 6450 or so - and then it fib retraced right up to the 61.8% at 11,400 ish - then went back down again. Amazing how the fib so often comes into play.
    Next likely scenario is a head and shoulders pattern - before it dives down again. The "stay away in May" is happening....
     
  5. Tropo

    Tropo Well-Known Member

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    Hellooooo stranger...:p:p

    Yes...Fib is a very popular tool, and that may be a reason why this concept works quite often.
    We may get some rebound, but market at the moment is a dangerous place to be.
    Interesting few weeks ahead. Anything can happen...so if in doubt consult your wife...:D:p:D:p;)
     
  6. perky

    perky Well-Known Member

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    Nice reply Tropo :)
     
  7. Tropo

    Tropo Well-Known Member

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    Adjusted support levels for DOW = 9861...9745...9688...9430...9126...8800... 8078.
    Trading range (short term)= 9880 ~ 11008
     
  8. Tropo

    Tropo Well-Known Member

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    Adjusted supp/res level for XJO: 4551...4498...4302...4255...4175...4069..3952..3736...
    Important/critical support at 4069.
     
  9. Tropo

    Tropo Well-Known Member

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    Possible scenario for XJO (downside) : 4555, 4459, 4241, 4180, 3973, 3561:eek:
     
  10. Tropo

    Tropo Well-Known Member

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    Above levels are still valid.
    There is a possibility that XJO may hit 4180 level.
    It seems that now it's a time to think about a holiday.
     

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  11. Tropo

    Tropo Well-Known Member

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    So...Have a nice trip :cool:
     
  12. AsxBroker

    AsxBroker Well-Known Member

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    More carnage before your holiday? :)
     
  13. Tropo

    Tropo Well-Known Member

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    Hi Dan,

    Yes. This is what usually happens.
    I am just back from holiday (5 weeks around Canada and Bahamas).
    But guess what, my next holiday is scheduled for coming Christmas /New Year.
    Until then ... be cool and stay out of trouble ! ;)
     
  14. AsxBroker

    AsxBroker Well-Known Member

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    Looks like it touched that 4069...
     
  15. Tropo

    Tropo Well-Known Member

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    Yep...What is worse XJO closed under this level (at 3986), and there are only 34 points left to the next level.
    It may bounce up a bit, but I wouldn't bet my house on it...
     
  16. AsxBroker

    AsxBroker Well-Known Member

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    Yeh not today :)
     
  17. Tropo

    Tropo Well-Known Member

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    Well...nice bounce back up today, but we are still not out of the woods. :cool:
    It depends what happens in US/Europe in coming days, so there is a possibility that XJO may hit again current low (even break it down), so cushion is required.
    Important support for DOW is at 10 511! ... (9920; 9614...).
    DOW on the upside - resistance is at 11 635...
     
  18. Tropo

    Tropo Well-Known Member

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    Adjusted levels for ASX 200 (XJO).
    3952, 3736, 3633 ... (3561, 3342, 3221).

    DOW : 10511, 10217, 10076 (9920, 9614).
     
  19. Tropo

    Tropo Well-Known Member

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    XJO

    There is a light...
     

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  20. wdongli

    wdongli Well-Known Member

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    You've got to know when to hold 'em, know when to fold 'em, know when to walks away...

    Time to buy, hold, or sell?

    ***
    You gotta know this isn't working, you gotta know I can't relax
    You gotta know I need some distance, I want you off of my back
    I've gotta tell you this ain't working, in case you misunderstood
    You'll be waving I'll be walking, my life should be so good

    I'm sorry I've hurt your feelings with everything I've had to say
    I could have done it behind your back in that civilized way

    Maybe if someone had said something sooner
    Instead of avoiding a scene
    But then again people seldom change from everything they've been

    ***
    Light makes losers too as ruin or darkness.