DOW

Remo you weren't wrong about the volatility today. It was more than 150 points lower an hour and a half ago.

im surprised no one mentioned the small shooting star yesterday on the dow???

In the meantime I genuinely expect it to respect the technicals, so see it going no higher than 14200.

Apparently today is just the start but no deals are expected to be done. Some more information here if anybody interested :

www.guardian.co.uk/world/us-news-blog/20...uts-qanda-highlights

Looks like the politics are going to continue for a while. I wonder how high the DOW will go in the mean time.

Remo - totally same wavelength.

Without a word of a lie, I currently have an order sitting to sell at 14195 with a 40 pip stop.
Traded it a couple of times on the 5m chart for some quick pips, but would love the 14195 order to be hit, even if it does get obliterated on good news, still a good trading set up imo.

Today may be a very volatile day.
Todays the day the 85 billion spending cuts come into force in America. President obama and congress are still in deadlock over this so if some thing happens with regard to this the market could fly or drop.

Ben Bernanke is also speaking in a conference today and he may say some thing that can move the markets.

Its funny how all this is happening when the dow is in striking distance of the all time high.

So be on your guards as if they agree a deal on the spending cuts which would make shorting very risky today.
Im still planning on going short at 14198 with a 40 point stop but will cancel that if they agree on a deal or if Ben says something that is bullish.

You also got Warren buffet delivering his annual communication to investors. A lot of people are waiting to read this.
also ISM report and US auto sales are out today.

so all in all a possible volatile day looming so be careful as some of the comments can have an effect on commodities and currency as well.