DOW

As soon as IG Markets and the words "all data is indicative" are put together, you know exactly where you stand

I've got 70% long on the FTSE, and 22% long on the DOW as I type...

It might as well be anything, so to this end I share Monkeyz's cynicism; but if Remo's bullish calls prove accurate (again!), then for me, it might give creditability that IG's data is more or less correct.

Why you may well ask? Well, because we know that most self-styled traders / spread-betters / gamblers lose money. It is a better to bet on a coin toss!



Good luck all in any case!

Remo - click on the Dow and see that 78% are short or whatever IG are telling you... then click on the FTSE. Currently 45% short for me.

Now scroll down on the FTSE page to see that 69% of IG clients are now long on the ftse and only 70% of IG clients are short on the DOW!

#IGrandomnumbergenerator

All the best,
M.

Well, I'm not sure about IG's clients but IMHO there are some warning signs that a correction is due. I'm not saying that the top is in for now but take a look at yesterday's candle on the Dow:



dl.dropboxusercontent.com/u/20815047/FTS...Dowdaily25_11_13.png

It's only a single candle but it looks like a gap up, almost a shooting star, and look where that trendline comes from:



dl.dropboxusercontent.com/u/20815047/FTS...owweekly25_11_13.png

There may still be a Christmas rally but be wary about adding to longs IMHO.

Some thing interesting..
I was going through IG and found that 82% of there clients who have positions on the Dow are Short...lol....poor sods...why would anyone be short ?? Obviously they don't use charts...
And 52% of the clients who have positions on the ftse100 are long..

This back tested the channel yesterday ,almost perfectly.
Im kinda sad as had bigger position taken out due to stoploss but at the same time managed to buy new positions at a lower price thou not as many as i had initially.
We dont want the dow to finish below 15860 as that could signal a bull trap.
im hoping that it moves higher from hear...




dl.dropboxusercontent.com/u/4899609/dow21stnov.png

Heres a 1 hour chart of the dow..
The sideways move dont look so bad on this time frame.Theres a flag formation on this and look at how the top of the flag is acting like a resistance. Perfect.

Hourly chart


dl.dropboxusercontent.com/u/4899609/dowhour20thnov.png



daily chart


dl.dropboxusercontent.com/u/4899609/dow20thnov1.png

The daily has currently 3 doji ..Indecision...Its waiting for some news event to propel this further hopefully and not down move