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TOPIC: DOW

DOW 19 Jun 2020 10:32 #151

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DOW CHART


DOW7.jpg
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DOW 18 Jun 2020 13:10 #152

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That was a crazy night for Dow, who trades it at at this time?, i think this up move can now be completed and down she goes, but i'm with you Trendfriend, only below recent low it will accelerate strongly. Dax managed to make new high and then collapsed which hints me an idea of this up move to be done, however dow and sp500 didn't hit its equal leg target hence i'm not sure.

Screenshot_20200618-131453_IGTrading.jpg
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DOW 18 Jun 2020 12:10 #153

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dow - daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...eAEe2AsFbdMi0jz3Q%3D

well it looked like this was going to fly away.
As things stand the the gap from the island reversal is pretty much intact....and imvho at this moment it looks as we have completed the 1 and 2 points in a 1,2,3 high formation!

not trading this unless we move below 25,000.....as i think that is the bull/ bear line imvho...so lets see.

atb, wdik, dyor,
trendfriend :)
Last Edit: 18 Jun 2020 12:11 by Trendfriend.
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DOW 17 Jun 2020 20:40 #154

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Well, it seems to be working so far,if she is about to turn higher again after this correction then equal legs target is at 25640 which is cooincydenting with 50% fib line,, i'll be looking for some reversal around this levels, but dow+fed and anything can happen

Screenshot_20200617-203243_IGTrading.jpg
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DOW 17 Jun 2020 19:41 #155

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Trying to make my mind up, any idea
Screenshot_20200617-193555_IGTrading.jpg

was expecting something like this, but it got confusing, can this still be valid?

Screenshot_20200617-194014_IGTrading.jpg

something like this

Screenshot_20200617-200003_IGTrading.jpg
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DOW 16 Jun 2020 14:25 #156

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the Fed said yesterday they would prop up even more...hence the 300 point swing late in the session (from 150 negative to 150 points positive).

More disconnected from the real world than anyone could imagine, but there you go...all normal...carry on :o
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DOW 16 Jun 2020 00:00 #157

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dow - daily
uk.advfn.com/p.php?pid=chartscreenshotsh...JuTzzsXlEu13XEy5HL8=

well i thought that open below 25000 would see a big down day....but this is the Dow....it rebounded strongly.
That's 3 big candles in the last 3 sessions....i don't whats going on there?....but something is happening!
As bullish as this looked today....since the high at 27580 the dow is still making l/lows and l/highs....

I think while above 25000 the bulls are back in charge...lets see how this goes...i'm only a bear below 25,000....

Trading this is tough in these sorts of markets and big moves both ways...i think IG should add another warning for the dow in addition to the 76% lose money....
"if you trade the Dow it could well take your face off" :pinch:

atb. wdik, dyor,
trendfriend :)
Last Edit: 16 Jun 2020 00:02 by Trendfriend.
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DOW 15 Jun 2020 20:10 #158

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4h path i'm looking for, if its about to turn lower in longer time frame, possible good short entry coming,

Screenshot_20200615-200535_IGTrading.jpg
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DOW 15 Jun 2020 13:20 #159

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uk.advfn.com/p.php?pid=chartscreenshotsh...cnzFSjU9g0wvk+ngw+k=

the dows under real pressure continuing on from last week...

if it opens under 24956 (50 day ema line) the next target while below 25000 area would be 22800 imvho....and we have couple of gaps below 22800....

A big gap down today should provide the momentum trigger for a larger strong down move... ;)
This is very much short the rallies atm....while below that 25,000 the lows open up here again in my opinion.

lets see

atb, wdik, dyor,
trendfriend :)
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DOW 15 Jun 2020 08:30 #160

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Trendfriend wrote:
Yep thats the first part of the big crash which started in 1929....see the drop down to 200 then a big rally back up...before the real drop!! :evil:

Looks quite similar to now i think...

will history repeat itself?

for me atm....this needs to drop below 25000 with a technical event like a big gap down or a big strong down day for that island reversal to prove its the real deal.....that should provide the momentum trigger for further strong move down imvho....

atb, wdik, dyor,
trendfriend :)

Well TF,

I was convinced it 1937-1939, but what's a few years between charting friends! :P

Now, pre-market - it looks like you've got your wish. We hit a strong support line (i call it a strong one because I drew the line ages ago it seems, and lo and behold, it bounces "near" there). at 24548.

Anyway, it's all about the closing prices I can hear you saying. So fingers crossed.
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DOW 14 Jun 2020 23:58 #161

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Yep thats the first part of the big crash which started in 1929....see the drop down to 200 then a big rally back up...before the real drop!! :evil:

Looks quite similar to now i think...

will history repeat itself?

for me atm....this needs to drop below 25000 with a technical event like a big gap down or a big strong down day for that island reversal to prove its the real deal.....that should provide the momentum trigger for further strong move down imvho....

atb, wdik, dyor,
trendfriend :)
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DOW 14 Jun 2020 16:18 #162

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Something to think about, while dow and sp500 got 5 waves down on 4h chart and some kind of rsi divergance
Screenshot_20200614-145923_IGTrading.jpg


then other indices like ftse,dax,france made only 3 waves and more downside should fallow

Screenshot_20200614-150250_IGTrading.jpg

then on daily time frame on this indices we've got inside bar

Screenshot_20200614-150902_IGTrading.jpg

So 3 options here imo, consolidation in another inside bar forming triangle,or up she goes above inside bar, or down below inside bar,

Weekly Nasdaq chart with kind of shooting star

Screenshot_20200614-151005_IGTrading.jpg


just my thoughts
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Last Edit: 14 Jun 2020 16:29 by madmaxx.
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DOW 13 Jun 2020 17:56 #163

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madmaxx wrote:
There are some similarities, it looks like one from 1930?,

Putting my Dow History Hat on, I'd say 1937-1939 - maybe? :unsure:
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DOW 13 Jun 2020 17:39 #164

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There are some similarities, it looks like one from 1930?,
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DOW 12 Jun 2020 21:47 #165

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dow-daily
uk.advfn.com/p.php?pid=chartscreenshotsh...qQIMA9BzK6ELu2+Duig=


dow-jones.png


anyone else think the current chart in the link (above) looks like the chart i have attached?? :whistle:
or maybe i'm using my imagination too much these days! :lol:

lets see what you guys think please??


nice charts guys....will take a closer look at the weekend :)

atb
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DOW 12 Jun 2020 21:13 #166

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Indeed MadMaxx,

Did the Fed intervene (via Blackrock - never directly) yet again and again? was this a buy-the-dip? was this Robin Hood? - I mean who buys into the end of the week to lift the market some 500-600 points - after an 1,800 point sell off the day before?

I don't know.

It's a down week but not sure about the engulfing candle on the weekly - it's a rare occurence - I though we're about to witness it again!

https://ibb.co/n8Lp39y
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DOW 12 Jun 2020 20:29 #167

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It looks like move completed to the down side, now abc up and down again, but to be honest this looks kind of bullish atm and i would not be surprised if it goes higher from here, but we have to wait for finish first, crazy market, one must be very quick as swings widely

Screenshot_20200612-202654_IGTrading.jpg
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Last Edit: 12 Jun 2020 20:32 by madmaxx.
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DOW 12 Jun 2020 19:31 #168

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Trendfriend wrote:
This started from a good number today :ohmy:
Sets us up nicely for the close! ;) :evil:

The bulls are going to get smashed!

Let’s see where we finish... if 25000 get broken then we should gets a big move down imvho...

atb
trendfriend

hey TF. looking good for a pull back, but pulling away from 25,000 it seems - one last stand by the short term bulls perhaps?

Have a look at this weekly S&P (obviously - there's about 90mins left for the week to finish - the cash week that is).

what do you reckon, I've not seen a bearish engulfing like this since the back end of 2018?

By all means let me have your views - i'll do one for the dow after the close.

https://ibb.co/tZwgHRf
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DOW 12 Jun 2020 19:13 #169

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This started from a good number today :ohmy:
Sets us up nicely for the close! ;) :evil:

The bulls are going to get smashed!

Let’s see where we finish... if 25000 get broken then we should gets a big move down imvho...

atb
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Last Edit: 12 Jun 2020 19:14 by Trendfriend.
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DOW 12 Jun 2020 12:25 #170

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My path for move down if thats the case,and sp500 broken its trenline, trying to re-test it maybe?
Screenshot_20200612-121621_IGTrading.jpg


Screenshot_20200612-121826_IGTrading.jpg
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DOW 12 Jun 2020 11:09 #171

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I was thinking the same,it also bounced of 50%fib line, but thets where the confusion stars with waves for me, wave 4 can be now completed and up she goes to the new high, other indices and oil have similar pattern, or its wave 4 of down move, only time will tell, agree on key levels to watch,

Screenshot_20200612-092857_IGTrading.jpg
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DOW 12 Jun 2020 10:46 #172

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dow - daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...prAL8z1LktRMIhG5g%3D

well this held the trendline yesterday pretty much perfectly....and seems to be in a much better mood today :)

that was a huge move down....and while this is still holding the uptrend and the bull move since the crash is still intact...
the setup looks a lot more bearish now then a couple of days ago imvho ;)
the rsi has broken the trendline and that island reversal doesn't play out in a day!

Lets see how it does today....looks like a retest of the 200 day ema line imho...then back down??

24925 (50 day ema line) and 25075 (main trendline) those two are the key here imho...and the rsi if it falls below the 50 neutral level....that would set us up for more big down moves.. :evil:

atb, wdik, dyor
trendfriend :)
Last Edit: 12 Jun 2020 10:49 by Trendfriend.
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DOW 12 Jun 2020 10:01 #173

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Ronmould wrote:
...i only ever used my phone to get quick update on prices or movement, always looked at laptop for analysis but you've started to spin that on it's head Maxx - think the compressed nature of looking on a phone screen does make waves much clearer and I've only come to realise that from your charts, i'm with Libero, love them!

...and great call on Fuelcell the other day, they made it onto my watch list after you posted but unfortunately i didn't bite.

Hi Ronmould,
I only use my phone for charts, i'm finding this much clearer to see, ie chart patterns like this, the one thing i need to see on charts, plus support and resistance levels, IG makes brilliant mobile charts.

Screenshot_20200612-094230_IGTrading.jpg


In regards to waves, i'm very happy i could help you with finding new way of looking at them,but my knowladge about EWT is very limited.

FuelCell is still on the cards, not much missed after yesterday drop, but i'm some how confident it will reach its 560 target, and hopefully make all the way to the top :evil:

Screenshot_20200612-095944_IGTrading.jpg


Regards
madmaxx
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DOW 12 Jun 2020 08:45 #174

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...i only ever used my phone to get quick update on prices or movement, always looked at laptop for analysis but you've started to spin that on it's head Maxx - think the compressed nature of looking on a phone screen does make waves much clearer and I've only come to realise that from your charts, i'm with Libero, love them!

...and great call on Fuelcell the other day, they made it onto my watch list after you posted but unfortunately i didn't bite.
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DOW 11 Jun 2020 21:45 #175

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Closed 25128, down 6.9%....
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DOW 11 Jun 2020 21:30 #176

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On a quick look, only on phone.

Perhaps somebody could post a closer up chart....

I have a trend line break and a break of the SMA20. :whistle:
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DOW 11 Jun 2020 14:28 #177

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dow - daily
uk.advfn.com/p.php?pid=chartscreenshotsh...PK1M+25fnNW6El0tQEU=

make no mistake here...a island reversal is very much a trend change pattern imvho... :whistle:
this is going to do a island reversal in some style

25,000 level is the key imvho....that's where the dow needs to stay above....watch that level now and the rsi.....
break below both....then :evil: :pinch:

Initially though it would be just a small p/b....but this looks dangerous here...
For me the Fed have put themselves between a rock and a hard place here imho....with the Nasdaq hitting new highs...the dow and s&p rallying nicely do they keep pumping money into this??
The market is sending a very clear signal today...will the Fed have the will to keep putting this trillions in??

lets see...nice charts and posts guys.... :)

atb, wdik, dyor,
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DOW 11 Jun 2020 10:57 #178

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For forward thinking market i can see one of scenarios in favour of further bull market, where lockdown could be in place policed by whatever means necessary, and industrial revolution 2.0 take place in the meantime. We must remember 5g technology is coming and it opening ways for so advanced technology that is hard to believe can be seen in our life time. Robotics,Self driving cars, artificial intelligence, internet of things, hydrogen.
People are not ready for such a revolution and therefore must be keep away from transforming the world,i know its a bit harsh, maybe they will let us enjoy it making but many work places will be lost and current virus situation i can see as preparation for bigger things to come. Some people more related to this technologies are saying this could be like jumping onto big cliff in development of civilization. Some of them prefer natural growth but some wants to make it as quick as possible and if market keep rising this fast it not hard to see which way we might be going.
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DOW 11 Jun 2020 10:56 #179

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madmaxx wrote:
And if somehow we make new high like Nasdaq did then its most likely going to be wave 3 of 3 of grand supercycle, probably most powerful wave ever

Screenshot_20200611-102408_IGTrading.jpg

Love your charts madmaxx - keep them coming! B)


See on the long term - grand supercycle (and I'm not wave theorist by any means nor do I subscribe to wave theory, but do respect it - I'm simply giving my macro take), your projection could very well happen, simply because the anticpated "hyper-inflation" everyone is associating with the Fed Printing is only likely to occur in assets; why? because those trillions aren't going to be in the hands of Joe or Jane six-pack.

The bulk of the Fed liquidity will be in a closed (and unholy) circle. Zimbabwe, Venusuala, Weimar Republic this is NOT. Inflation will be preserve of the markets, certain asset classes and some commodities.

Fed printing could however, export inflation to the rest of the world with developing nations hit hardest. That could (and will) happen - its already started to happen; and yes, that will also mean the UK - especially in a post-brexit world where the GBP will be more vulnerable.

Ergo, Dow 45,000 is possible over the next 5-7 years.

But, us "traders" are more interested in what happens next, and i'm intrigued to see if the Cash Open at 2:30pm will convince people to buy the dip. I'm strictly selling rallies for fish n chip money.
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DOW 11 Jun 2020 10:28 #180

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And if somehow we make new high like Nasdaq did then its most likely going to be wave 3 of 3 of grand supercycle, probably most powerful wave ever

Screenshot_20200611-102408_IGTrading.jpg
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DOW 11 Jun 2020 10:19 #181

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On smaller time frame if it is wave 4 then i'll be looking for its most basic pattern, like on the chart below(also other shapes are possible), we will have a big clue around 24900 area if reached, according to ewt rules wave 4 can not overlap wave 1 therefore very strong support at this level, but its Dow and can do anything so pls dyor, it's just my ideas
Screenshot_20200611-100550_IGTrading.jpg

If we about to go all the way down then something like this may be seen

Screenshot_20200611-101847_IGTrading.jpg
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DOW 11 Jun 2020 10:15 #182

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Interesting development here, but this could be a simple range-bound pullback (energy), before giving another high a go.

I'd like to see the Dow (obviously the SPX too!) retreat further say, south of 25,840 before I'd say that a correction is in place.

See how we're all coming up with different numbers :evil:

The anticipated top (Fib 100%) may be stalled by the fact that everyone was expecting it to happen as a formality.

Now, the market is forward thinking obviously, so they aren't too bothered with what's happening now. However, what's happening now could set the tone for what might happen later:

1. Inequality protests and riots may a) create the envirnoment for a second wave, and b) impact consumer and desire / confidence (not just from covid, but from CS gas or a brick to the head - anything is possible); c) speaking of consumre confidence, how long is the Treasury and Fed going to keep paying "wages" for the soon to be unemployed?

2. Chairman Mao, excuse me, Chairman Powell, said that we'll have zero rates until 2023, that means forever, which could be mean asset bubbles - but market forces will tell you that you can't inflate insolvent and bankrupt companies forever (or who knows right!)

3. Upcoming US Elections vs International Relations - Tried gaming this one, and decided to have a lie down as my head really hurt (or maybe that just a horse or tear gas can or a brick that hit me!)

Irrational exuberance & Moral Hazard - may be terms that we be heard more frequently.... Hell, maybe they need to be redefined when kids with a gambling tendency are buying Bankrupt shares like Hertz using fractional facilities offered by brokers (book-keepers) - when sports come back, that money could find another place :P

Be safe people - we're all watching this move closely to see if it's genuine or simply profit taking / coiling the spring before the next move up.
Last Edit: 11 Jun 2020 10:19 by Libero.
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DOW 11 Jun 2020 08:32 #183

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I see two scenarios from here, as remo was saying dow can visit high again then we are in wave 4 now and one more push higher can happen before larger correction,
Screenshot_20200611-082403_IGTrading.jpg



Screenshot_20200611-082313_IGTrading.jpg

already at 23% fib
Screenshot_20200611-082944_IGTrading.jpg

if its wave for then similar pattern can occur
Screenshot_20200611-083019_IGTrading.jpg
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DOW 11 Jun 2020 08:14 #184

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Wow... huge gap down down looks on today.... :ohmy:
Watch 26383 for a island reversal.... :evil:

If it does happen then it’s clear technical signal for further downside imvho....

atb
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DOW 09 Jun 2020 15:36 #185

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dow- daily next targets on this chart
uk.advfn.com/p.php?pid=chartscreenshotsh...ru3L1a95SoA9zfTzI%3D

dow - daily.
uk.advfn.com/p.php?pid=chartscreenshotsh...XuvF1jIWnD6oX7PxM%3D

can see from here when the rsi goes 70 or above we get a decent p/b.
not in this atm....but this should be a small p/b to let the overheated rsi cool off a tad....before more pump upwards imvho....

atb, wdik, dyor,
trendfriend :)
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DOW 09 Jun 2020 14:02 #186

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8:15 am: Bank of America clients sold stocks last week
Bank of America Securities clients sold $3.2 billion in U.S. equities last week while the S&P 500 gained nearly 5%. The clients bought ETFs and sold single stocks for the fifth straight week. “Selling was broad-based across client groups, where hedge funds and retail clients have been sellers for the last eight and five consecutive weeks, respectively,” Bank of America equity and quant strategist Jill Carey Hall said in a note. “Financials led the outflows last week with its second-largest selling in our data history since 2008 — consistent with the record low investor positioning.” — Fitzgerald
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DOW 09 Jun 2020 09:30 #187

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remo wrote:
Normally 61.8 fibs will contain the move but once that gets taken out and it hits the 76.4 fib level then that normally signals a full corrections to the trend prior ...I’ve seen this happen loads of times in the past so hence why I suspect a full move back up....I must say thou, on paper it should be heading down big time as common sence says it should...lol...There is so much manipulation going on so you just have to follow the charts and right now it’s bullish...
I will still look to short myself if I see a reversal but it won’t be with big shorts again as this market has been deadly to shorts recently..

If a second wave happens with regards to coronavirus then you can see the markets visiting the lows again...
Right now it’s all about the virus and how it plays out...

Hi Remo,

Thank you for the above (hope you and the family are well).

i've been reading about this, and indeed 76.4 doesn't really hold much weight compared with 61.8; here's the thing - does anything work right now with all the intervention? Technical Analysis still works obviously - like musical notes someone once said - but for me, it works for the short (ultra short term due to much intervention).

I can't say that I walked away unscathed either - it's just part and parcel!

I would however say that there's a lot of "air" underneath this rapid move up. (and forgive me, will need to get a chart - but are there island reversals patterns again? it looks like it).

Anyway, back to the point on "air" underneath - without structure, surely - intervention or not, the market needs to revert to the mean.

Will keep powder dry - but as i type, the Dow (futures) is down 300 points - could be something could be nothing.
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DOW 08 Jun 2020 23:36 #188

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Normally 61.8 fibs will contain the move but once that gets taken out and it hits the 76.4 fib level then that normally signals a full corrections to the trend prior ...I’ve seen this happen loads of times in the past so hence why I suspect a full move back up....I must say thou, on paper it should be heading down big time as common sence says it should...lol...There is so much manipulation going on so you just have to follow the charts and right now it’s bullish...
I will still look to short myself if I see a reversal but it won’t be with big shorts again as this market has been deadly to shorts recently..

If a second wave happens with regards to coronavirus then you can see the markets visiting the lows again...
Right now it’s all about the virus and how it plays out...
Information Purposes Only, Do Your Own Research
remo
Last Edit: 08 Jun 2020 23:39 by remo.
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DOW 08 Jun 2020 23:22 #189

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remo wrote:
The fact that the 76.4 % fib has crossed imply the Dow will head to new highs soon...
So be really careful with shorts .
You need lower lows to start going short...
I’m fully invested currently but will keep a close eye on them....

Well, i don't mind saying, I'm side stepping this. I know my own limitations, and this market is a bit too complicated (for a lack of a better word!) for me.

And, the more i study it, or try to - the more confused I become.
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DOW 08 Jun 2020 16:38 #190

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The fact that the 76.4 % fib has crossed imply the Dow will head to new highs soon...
So be really careful with shorts .
You need lower lows to start going short...
I’m fully invested currently but will keep a close eye on them....
Information Purposes Only, Do Your Own Research
remo
Last Edit: 08 Jun 2020 16:43 by remo.
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DOW 08 Jun 2020 10:11 #191

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DOW fibs

DOW6.png
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DOW 06 Jun 2020 17:36 #192

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www.washingtonpost.com/business/2020/06/...lassification-error/

Looks like the Unemployment figures were subject to a "missclassification error" the classification of people who disengaged from looking for work, due to safety concerns (upto 6 million of them) were misreported as being not unemployed. Oh my Mr Trump...to stoop so low is criminal

When the U.S. government’s official jobs report for May came out on Friday, it included a note at the bottom saying there had been a major “error” indicating that the unemployment rate likely should be higher than the widely reported 13.3 percent rate.

The special note said that if this “misclassification error” had not occurred, the “overall unemployment rate would have been about 3 percentage points higher than reported,” meaning the unemployment rate would be about 16.3 percent for May. But that would still be an improvement from an unemployment rate of about 19.7 percent for April, applying the same standards.
The Bureau of Labor Statistics, the agency that puts out the monthly jobs reports, said it was working to fix the problem.
“BLS and the Census Bureau are investigating why this misclassification error continues to occur and are taking additional steps to address the issue,” said a note at the bottom of the Bureau of Labor Statistics report.
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Some took this as a sign that President Trump or one of his staffers may have tinkered with the data to make it look better, especially since most forecasters predicted the unemployment rate would be close to 20 percent in May, up from 14.7 percent in April. But economists and former BLS leaders from across the political spectrum strongly dismissed that idea.
“You can 100% discount the possibility that Trump got to the BLS. Not 98% discount, not 99.9% discount, but 100% discount,” tweeted Jason Furman, the former top economist for former president Barack Obama. “BLS has 2,400 career staff of enormous integrity and one political appointee with no scope to change this number.”
Economists say the BLS was trying to be as transparent as possible about how hard it is to collect real-time data during a pandemic. The BLS admitted that some people who should have been classified as “temporarily unemployed” during the shutdown were instead misclassified as employed but “absent” from work for “other reasons.”
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The “other reason” category is normally used for people on vacation, serving jury duty or taking leave to care for a child or relative. These are typically situations where the worker decides to take leave. But in this unusual pandemic circumstance, the “other reason” category was applied to some people staying at home and waiting to be called back.
U.S. economy gains 2.5 million jobs in May
The Department of Labor said June 5 that the U.S. economy added 2.5 million jobs in May and the unemployment rate dropped from 14.7 in April to 13.3 percent. (Reuters)
This problem started in March when there was a big jump in people claiming they were temporarily “absent” from work for “other reasons.” The BLS noticed this and flagged it right away. In March, the BLS said the unemployment rate likely should have been 5.4 percent, instead of the official 4.4 percent rate. In April, the BLS said the real unemployment rate was likely about 19.7 percent, not 14.7 percent.
Economists said the big takeaway is that it’s hard to collect real-time data during a pandemic and that while the unemployment rate remains high — likely more than 16 percent — it has declined a little from April.
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Trump clings to jobs numbers as a campaign life raft — and as a race-relations plan
The unemployment rate comes from a survey where Census workers ask about 60,000 households questions about whether they are working or looking for a job the week of May 10 to 16.
One of the first questions that gets asked is did the person do any work “for pay or profit?” There are then 45 pages of follow up questions that come after that. One of those questions asks if someone was “temporarily absent” from the job and why that absence occurred. One of the responses is “other.”
The BLS instructed surveyors to try to figure out if someone was absent because of the pandemic and, if so, to classify them as on “temporary layoff,” meaning they would count in the unemployment data. But some people continued to insist they were just “absent” from work during the pandemic, and the BLS has a policy of not changing people’s answers once they are recorded. It’s how the BLS protects again bias or data manipulation.
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Former staffers said it’s unusual that the BLS was not able to correct this problem faster.
The U.S. economic slide is likely bottoming out, but a recovery could take years
“It’s surprising the BLS couldn’t come up with fixes to make this work in May,” said Erica Groshen, the former BLS commissioner under Obama. But, she adds, “This is a very unusual situation. There are lots of field staff who had a tried and true way of asking questions and they were doing what they were used to doing.”
The only political appointee at the BLS is the commissioner, who, Groshen said, does not have access to the data and only sees the finalized report.
“The commissioner never sees the job report before it is final. As commissioner, I did not have access to the underlying data,” Groshen said. “This is a highly automated process.”
Instead of focusing on possible Trump interference, many economists wish people would focus on the fact that 21 million Americans are currently unemployed and over 2 million have permanently lost their jobs.
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The situation remains dire, they say, even after a few jobs returned in May as the economy reopened.
Last Edit: 06 Jun 2020 17:39 by AdeMcG.
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DOW 05 Jun 2020 19:58 #193

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Dow has made lower low on the short term chart... ;)
It has jumped a tad from that l/low but I think this shall drop in the last hour...

In hindsight I went short to early today... should have waited until now... :blush:

Let’s see... how it goes...
Atb
Trendfriend.
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DOW 05 Jun 2020 18:28 #194

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Trendfriend wrote:
dow - daily
uk.advfn.com/p.php?pid=chartscreenshotsh...YFu6p0KybwR0rnSIK9U=

more than a couple of hundred pips down now :dry:
i'm only risking what i made....still holding here...i can stay short until 27350 area....

not ideal...but i think its time for a drop...however small imho...
the rsi is now over 70...whenever that happens we get a p/b....

will the drop happen soon?? :pinch: :whistle:

atb
trendfriend

I think, as Remo shown us, that we need have ultra-wide stops nowadays. I had a position that was underwater by over a grand for a couple of days, before returning me with a couple of hundred quid profit in the overnight sessions - it's not good - it's not good for the health!

i'll never do that again, so i thought, but we feel like we have to chase sometimes, knowing that the weakening of the dollar (boosting stocks) will result in exported inflation here in the UK and elsewhere too.

With regards to your short position - I have 27400 as the line in the sand after 27140 got taken out.

The market is over extended I feel, but hey we need our resident experts to give us their take.
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DOW 05 Jun 2020 16:24 #195

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dow - daily
uk.advfn.com/p.php?pid=chartscreenshotsh...YFu6p0KybwR0rnSIK9U=

more than a couple of hundred pips down now :dry:
i'm only risking what i made....still holding here...i can stay short until 27350 area....

not ideal...but i think its time for a drop...however small imho...
the rsi is now over 70...whenever that happens we get a p/b....

will the drop happen soon?? :pinch: :whistle:

atb
trendfriend
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DOW 05 Jun 2020 15:32 #196

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Trendfriend wrote:
the US markets are behaving like their President! :lol:
its all extremes...on the way down and on the way up..... :ohmy:

this is absolutely a bubble....matter of time before it pops....but it could last a while now....6 months? 12 months? who knows?
not me for sure!

anyway...had a long scalp...but short now at 26966.1

wish me luck....was 40 or so points down a min ago... :oops:

atb,
trendfriend :)

Make Hay TF! :)

Dow support at 26960 right now - its a crude line, but there or thereabout.

in terms of resistance, i got 27140
Last Edit: 05 Jun 2020 15:33 by Libero.
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DOW 05 Jun 2020 14:40 #197

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the US markets are behaving like their President! :lol:
its all extremes...on the way down and on the way up..... :ohmy:

this is absolutely a bubble....matter of time before it pops....but it could last a while now....6 months? 12 months? who knows?
not me for sure!

anyway...had a long scalp...but short now at 26966.1

wish me luck....was 40 or so points down a min ago... :oops:

atb,
trendfriend :)
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DOW 05 Jun 2020 14:20 #198

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DOW FUTURES 27044 +762

Looks like 27000 going to be hit today once the US open, incredible. :ohmy:

At this rate, we will be around 29500 sooner than later. :woohoo:
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DOW 05 Jun 2020 14:17 #199

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AdeMcG wrote:
or, the explanation is of workers coming off the welfare system and going back on to the job protection scheme as employers try to re-open, but here is the catch. To ensure the companies get to keep their bail out money, they have to keep folk employed for only 8 weeks.

Could be just kicking the pain down the road and come 8 weeks later, expect the numbers of jobless claims to once again jump upward.


Yep,

just for traders to try and stay solvent until then!

The market is on a tear!

:woohoo:
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DOW 05 Jun 2020 14:05 #200

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or, the explanation is of workers coming off the welfare system and going back on to the job protection scheme as employers try to re-open, but here is the catch. To ensure the companies get to keep their bail out money, they have to keep folk employed for only 8 weeks.

Could be just kicking the pain down the road and come 8 weeks later, expect the numbers of jobless claims to once again jump upward.
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