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Now I have these pesky hedged Dow trades open
it may serve me better to run them atleast
up to my Dow target and then close a long
or both. Then let the market fall into
and through my short entries.Absent a whippy ECB / FMOC I may do that.
Get both the above wrong and I will take
my medicine and close all.Never give up, never surrender.
Ftse looks more like S2H and I bet the Dax would
look the same if not for the ECB at lunchtime.Ftse can be S2H and Dow S2L … no problem but
it’s not something we see very often.With no central bank action of it’s own I would
be a tad careful over US market bullishness.Never give up, never surrender.
We don’t eat much Spam in our home but always keep a couple of tins in the cupboard for ‘special occasions in case friends call’ crazy as that might seem.
There are three or four things I don’t eat in Korea, otherwise I love the local food. No.1 on the list is ‘live wriggling octopus’ (see below). Then there’s cow’s intestines (a delicacy). Also Mungae (a sort of seaweed sea pod with a sharp distinct taste), although I am gradually getting used to it. Then there’s dog. Yes, believe it or not there are dog farms in Korea where dogs are bred for eating in special dog restaurants. Never been to a dog restaurant although I have friends who have.
For the live Octopus some friends in Seoul took me to a restaurant and said I ‘couldn’t be a proper Korean until I had replicated the OldBoy scene’. OldBoy is one of Korean cinema’s most famous creations (a classic of acting and style). Here’s the octopus scene link. Yes, I ate the octopus just like in the movie much to the delight of my friends…
I would only eat the seaweed … don’t even like pizza
with dead tentacles sticking up.
Odd because I like seafood.Never give up, never surrender.
I remember a horror story of someone who ate live octopus
and the creature survived and grew and grew inside !Never give up, never surrender.
Got enough of a swing for a few trades back and forth
after the damp squib ECB. Now only position …
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Small short Dow at 27200 … stop 35500 … limit 18000As I have a potential ‘h’ at Dow 27650 ( in early October )
this trade is near enough to give me cover if a surprise
drop takes hold before my ‘h’ time window.Time is a problem as we have lots of time to gain just
the 450pts on the Dow … qed the path I expect is
not very likely !Never give up, never surrender.
In the years ahead the world will look back at the maniac Mario Draghi as the man who singlehandedly destroyed the European banking system and bond markets.
Now the Fed will have no choice but to cut a little otherwise every man and his dog will pile into the dollar for the interest rate differential.
Of course the market already knows this so the upside from here is probably limited in the major indices. All eyes on RUT.
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Small short Dow at 27200 … stop 35500 … limit 18000Closed at 27150 … a nifty fifty
If this is not S2L then I’ve got it wrong.
Never give up, never surrender.
Small short Dow at 27275
That has worked out quite well !
Closed at 27250
Never give up, never surrender.
If the Dow hits 27300 then I will short it.
Other than that my trading day is done.
Never give up, never surrender.
Small short Dow at 27300 … stop 35500 … limit 18000
It’s been a crazy Dow cash market.
Never give up, never surrender.
DOW: the jump upwards to 27,300 presents a very interesting chart analysis where the last sharp upwards move from 26,800 is almost exactly 0.618 of the previous waves (see chart).
The exact same relationship is evident in SPX at 3020.
Usually when the final wave is 0.618 I interpret it as a ‘three’. Actually it can also be a five with an extended final wave. But in my experience it is likely a ‘three’.
Couple of things come to mind. Where does this ‘three’ or ‘five’ fit in the bigger scheme of things?
Actually I’ve no idea because it doesn’t appear to have any relationship to the prior triangle (at least not yet). Of course that not have been a triangle at all, but something else. Still there isn’t any relationship.
If this is an abc upwards move it *might* be the first part of a rising wedge. Cimac you’ve commented about how more time might be needed for this move, and perhaps the rising wedge scenario fits.
Notice that from 26,000 up to 27,300 the pattern took eight trading days. If this is an abc up as the first part of a rising wedge, then probably the entire thing will need another ten to twelve days to complete, which will be the end of September.
My guess here is in favor of the rising wedge, in which case the market will find a reason to drop to overlap the action at 26,800 before rising again.
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