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Friday's Prices, stop price remains the same.Update #579 February 8, 2007
PRINTABLE VERSION
Instructions for Friday: For Friday our stop price remains 12,703. The Dow moved lower from the open and bottomed at 12626, about 2 points above our trigger point. That was at about 9:45 or so. It then bounced around coming back down a couple of times. It was rather remarkable how it danced around that particular price point. Interestingly, each little bounce carried the Dow back up to about 12,635 to 640, about where the Dow closed. As the first hour of trading wore on the Dow finally cracked below 12,624. It moved gently at first, but then a torrent of selling knocked the Dow almost 50 points lower to its low of 12,575. Thursday's low was about 125 points below Tuesday's high. While that seems like a lot, it is still less than the trading range last Wednesday, the day of the FOMC meeting. The Dow recovered over the balance of the day and closed just above our short entry trigger, and the recovery was helped by one very large buy program that added about 30 points to the Dow in less than 10 minutes. Then half that was given back in the next five minutes, which is a sure fire sing of a program buy. At the end of the day the Dow is acting like it is breaking down, but one a closing basis, it hasn't gone anywhere in over a week. Ideally we will see a healthy push lower on Friday, which will not only be in our favor, it will also work to confirm our position. Jim Patterson. If you questions, please send them to editorial@dowdoublediamond.com I try to answer all emails within 48 hours; however, sometimes it takes a little longer, and once in a while an email gets lost. If you don't hear from me in 4 days, please write again. Thanks! * The ticker for the March E-Mini eCBOT Dow $5 contract is YMH7 |
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