DOW

Ronmould wrote: I'm good thanks Lib - hope you and yours are too.

I expect the virus will feed wave C more than the election itself but on election day last time the DOW lost and regained over 5%...was thinking if we saw a similar hammer again it could mark the bottom although expect the recovery will be long and drawn out.

I have a little short from when the trend broke Monday with a big stop (just above Sept high) - I like the look of a double bottom with the March low but I'll be looking to close below 20K.

Glad to hear all's well with you buddy. yeah things are ok here too.

thank you for your reply - you did raise the old eyebrows with your 20K comment though! I mean anything is possible, but this much intervention by central planners, i can't see them giving up the fight in proping up prices just yet. As an amateur trader - obviously, i'd like see great action and 20k is great action!

lots of "indicators" are calling for further down side - though as I type, the Dow is clawing back some 230 points from the open - maybe a rally to sell into!

Anyhoo, looking to ride this move further - can't see anyone holding over the weekend (unless they are covering shorts!)

Will look to add more meaningful commentary later today - an update on my chart if you will - hopefully it will add a view!

Take Care Y'all.

I'm good thanks Lib - hope you and yours are too.

I expect the virus will feed wave C more than the election itself but on election day last time the DOW lost and regained over 5%...was thinking if we saw a similar hammer again it could mark the bottom although expect the recovery will be long and drawn out.

I have a little short from when the trend broke Monday with a big stop (just above Sept high) - I like the look of a double bottom with the March low but I'll be looking to close below 20K.

Ronmould wrote:

Libero wrote: Hey folks,

I've got a short bias only because of what's going on right now. I also have a sneaky "feeling" that Trump will a second term or Biden wins the White House, but Republicans will retain control of the senate. Both scenarios will annoy the markets for the short term I suspect. Who knows!

N.B. link to chart won't show the gaps discussed, only the trend-line.

...I was pondering if we could see wave C play out before the election and then overnight between voting and results would see the bottom come in.

Hey Ron, hope you're well and keeping safe.

I don't know much about waves to be honest - where do you see Wave C heading?

Also, the election is a big factor (when the markets want it to be), but there's the small matter of rising cases and hospitalisations too, and resumption of trade wars et al....

But on the election itself, Biden is "tipped" to win (I'm not convinced - and i have noted early voting numbers). The senate remains a GIANT prize, and only 1/3 of the seats are up for grabs.


VIX and DXY time!

Libero wrote: Hey folks,

I've got a short bias only because of what's going on right now. I also have a sneaky "feeling" that Trump will a second term or Biden wins the White House, but Republicans will retain control of the senate. Both scenarios will annoy the markets for the short term I suspect. Who knows!

N.B. link to chart won't show the gaps discussed, only the trend-line.

...I was pondering if we could see wave C play out before the election and then overnight between voting and results would see the bottom come in.

gaps

Hey folks,

Really good to see you all involved! (I do miss the old days of "speed-trading" via the chat room, but this will have to do for now! )

I've attached my daily take of the Dow - respecting the trendline and pointing out visible gaps (will they ever be filled?) - let's see!


Hig-Res Dow Chart

( www.tradingview.com/x/hFzWcUAO/ )

I've got a short bias only because of what's going on right now. I also have a sneaky "feeling" that Trump will a second term or Biden wins the White House, but Republicans will retain control of the senate. Both scenarios will annoy the markets for the short term I suspect. Who knows!

N.B. link to chart won't show the gaps discussed, only the trend-line.