DOW 8500 or 8000 ?

Discussion in 'Trading' started by SethArb, Jul 27, 2002.

  1. Just wondering which level we will visit 1st next week

    I guess wall street is rooting for the former :D
  2. nitro



    They are equiprobable. I don't just say that to evade the question, I truly believe we are "fairly valued" here and moves away are approximate random walks.

    Either way, I will trade it.

  3. Pabst


    Even though I'm trying not to "think" anymore, I agree with Nitro. I would trade responsive at each of those levels.
  4. with 400 pt daily ranges 8500 could get definitely get hit next week, but at that point I think the shorts will start hammering away.
  5. spectre


    Agreed nitro.

    8000 is the 5ma, and 8500 is the 20 (more like 8600+) at this point.
  6. I did not expect the 8500 level to be broken so easily !

    guess thats why I lost money today

    20 -25 % of my last weeks profits ...

    will now try to only make winning trades until
    friday :cool:
  7. I posted in a room on Friday at 3:30 PM EST that we were setting up for a Big Monday. I rarely make such calls.

    Nothing was guaranteed of course, but you could smell the market manipulators working thier magic and forcing shorts to scramble. As long as nothing really bad happened over the weekend, all they had to do was continue the game into today, and voila, big ramp.

    Another few hours of this tommorow , and then the market will have to stand on it's own, without help from the Hidden Hand.
  8. ChrisM


    You know what SethArb ? I don`t care. I gave up of guessing long time ago. For me market is always right, even I loose my shirt.:)
  9. I agree that we have a "hidden hand" at work here, there is a need to suck some money back into stocks on the part of the large investment banks and the mutual funds. Possibly even specialists and market makers stuck with tons of inventory to unload.
  10. well ... here we are again ...

    this time I actually think the 8000 level has better chance
    of being hit than the 8500 area especially if we break
    fridays lows ....

    hopefully I will be more patient in my trading this week

    good luck to all a successful and stress free weak
    #10     Aug 4, 2002