Over the past year I have repeatedly had server problems. My web manager and I have now decided to solve this once and for all. Therefore we are taking the site down until Monday the 25th February to solve the issue and move the site onto a reliable server.
I am not doing much today as the US markets are closed. I stopped myself out Friday night as the Dow reversed course late in the day but I have not gone long.
I am stepping aside from the rally to look at the bigger picture. When the US is not trading, liquidity can be thin. Currently Barclays shares, which has lost all the gains from 5 years of bull market, are up 6%. Even if I was contemplating going short again, I would wait until this rally has burned itself out.
I am however keeping an eye on Gold. I want to short any move below $898, and add more below $895.
I am short the Dax again this morning at the 61.8% retracement. Take a look at the map. I think it has inversed by making a low at 09:30 on the Map, but a high in the market at 09:30.
CLICK ON CHARTS TO ENLARGE THEM
That's my view for today. I will try to place myself short for the weekend. Stops are in place. I am betting on more downside now. I hope you have a nice weekend.
These are the charts I will show on CNBC this mornign at 11:35am.
Click on charts to enlarge them
Comments:
I think the SP500 is coming up to a turn. I have already shorted the European indices this mornign and I will short more. We could see a test of the lows from last week.
Gold is contracting, and has a hard time above $914. Over the last 500 trading hours, it only managed to spend 200 hours there. We are forming a head and shoulder and $914 is resistance. Below $890 is a signa for $850. I want to be short now with stop above $914.
JPY is breakin out of base... I am looking for move to $110.
Indices are flying this morning. I am however getting ready to go short. I am currently preparing some charts for CNBC later today at 11:35am. Once I have done the charts, I will post my views here. It should hopefully be around 10am.
Tom
13th February 2008 - 07:12am
Good morning,
The Dow rallied into resistance last night. The Dax stopped when the Dow stopped and retraced into support at 6900. I would like to be a buyer around 6900, which is the 61.8% retracement level.
The Dow is already being called down 60 points from last nights close. As impressive as the rally was last night, I wont be bullish the Dax until we get above 7000 on the cash index. If we get above 7000, at least we have a chance of getting a rally going.
due to a all-day workshop I will not be updating TraderTom today.
I got stopped out of my FTSE position this morning, much to my annoyance. The market dipped just down hard enough to clip my stop by 4 points, and now it is up 45 points higher :)))
Here is the FTSE map for today. It has been precise up until now today:
The DAX chart is looking weak again, but there is a pattern that has made me want to be a buyer. It is not a perfect Gartley, but it looked pretty enough for me to be a buyer this morning. We have retraced 150 points on the last leg and 130 on the current leg down, which was also a 78.6% retracement of the big swing. I am long Dax, and will buy dips today. I know we are still in negative for the day, so you may want to consider buying one of those silly binary bets, if you can get one cheap for the Dax to close up on the day.
click on chart to enlarge it
The Dow index supports my view in the Dax. We are holding the 50% level. It can take position in the Dow now with a tight stop below the blue support zone.
click on chart to enlarge it
I will leave it at that this morning. I am preparing the weekly newsletter now.
I have set a couple of dates for the next workshop. If you want an invitation, please sign up here. I will email you the invitation over the weekend with course details, price, venue etc.
A Matrix Newsletter Sample
The Market Matrix Newsletter Tutorial
The Matrix Newsletter has re-launched and focuses solely on the FTSE, the DAX and the SP500 togher with Gold and Cable. It is completely revitalised and focuses in great details on explaining how the Matrix turns are calculated.
This month for example there are 5 charts alone for the SP500, with short-term views and longer-term views. The change came about because very few people were trading the stocks in the newsletter. As a result of it the content has changed and the stocks are gone. Now it is solely on direction of the main indices and on educating you on the use of Matrix time cycles.
You can subscribe to here. I think it is safe to say the improvement is significant. It looks very stylish and it exceptionally rich in content. There is however a whole lot of bad language, but that kind of makes it fun to read.
Trader Tom is branching out: Public health Notice: What to do if you have a heart attack!!!!! This is an aid if you find yourself having a heart attack and there is no one around to help you....
ANALYSIS
