DOW

Hold the press, here's why:

Dear Mr. President,



I am writing to withdraw my name for consideration to be Chairman of the Federal Reserve.



It has been a privilege to work with you since the beginning of your Administration as you led the nation through a severe recession into a sustained economic recovery built on policies to promote employment and strengthen the middle class.



This is a complex moment in our national life. I have reluctantly concluded that any possible confirmation process for me would be acrimonious and would not serve the interests of the Federal Reserve, the Administration, or ultimately, the interests of the nation’s ongoing economic recovery.



I look forward to continuing to support your efforts to strengthen our national economy by creating a broad based prosperity and to reform our financial system so that no President ever again faces what you and your economic team faced upon taking office in 2009.



Sincerely yours,



Lawrence Summers

Jeez! I guess the markets can't stand him (with good reason one supposes!)

remo wrote: It looks like all the indexes are gonna open up massively tomorrow.
Hopefully a nice bullish week ahead

Came back a few mins ago, logged on, and thought my eyes were deceiving me!

Dow futures up 185 as I type, and the FTSE isn't bad either with its futures up around 77 points.



Any idea why?

I'm guessing weak USD is driving a mini-rotation. Happy to be corrected.

It looks like all the indexes are gonna open up massively tomorrow.
Hopefully a nice bullish week ahead

Jackozy wrote: I still think there's every chance the trade could work - 15340 is a key level, 315 is the 61 Fib and the trendline

PS My little one's managed to get ill again on his return to nursery after only 2 days so I'm back on full time childcare duties for the next week or two at least so I'll have to remain on the back seat for now. Thanks for all your hard work.

I hope he gets better soon. our son never got ill. Until he went to nursery .Then it was one illness after the other. Nursery are full of germs ..it took him a while to build his immune system up . I know how you feel. We went through a lot of calpol. It will get better mate .

I still think there's every chance the trade could work - 15340 is a key level, 315 is the 61 Fib and the trendline backtest:



dl.dropboxusercontent.com/u/20815047/Dowdaily11_09_13.png

What I meant by overbought is that the daily stoch is at 97.3 which is as high as it's been since 2009 (I know it can stay up there) and, more importantly, while the RSI is not that high, it is at the downtrend resistance from the initial bearish divergence.

We'll see. It's a very strong market so it is risky to short it.

Cheers.

PS My little one's managed to get ill again on his return to nursery after only 2 days so I'm back on full time childcare duties for the next week or two at least so I'll have to remain on the back seat for now. Thanks for all your hard work.

Jackozy wrote: I'm assuming you cancelled that trade remo, given that it got there so close to end of day?

Dow is massively overbought but they still keep buying it. Crazy market!!

Yep ...I dont place any trades on the dow in the last 30 mins of trading. On top of that the dow hit 15305 and then went down then went back up to 15305 and went down so that already means the level was getting weaker.So my order was only open till 8.30uk time so was lucky in that respect. 5 point out on the dow is like the level being hit .Back on the side lines waiting for that perfect trade again on the dow.

I wont say the dows over bought just yet as the dow has been in a sideways market since may and if you look at the rsi its still not that high yet.

dl.dropboxusercontent.com/u/4899609/dow11thsept1.png

Is that 3 white solders???