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An exciting week up ahead, bonnie loons 😎

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Ken Mahoney, chief executive of Mahoney Asset Management in Chestnut Ridge, New York, said Netflix faces tough new competition from companies including Apple and Walt Disney Co (DIS.N) but the rest of the group have “wide moats,” including consistent growth and strong balance sheets. But he is not buying more of the group, arguing that valuations are too high.

“I’d look to add on some of these names in a pullback,” said Mahoney.

😉

https://uk.reuters.com/article/us-usa-stocks-weekahead/wall-street-week-ahead-hopes-are-high-for-tech-stock-cadillacs-so-are-their-prices-idUKKBN1ZN24Hhttps://uk.reuters.com/article/us-usa-stocks-weekahead/wall-street-week-ahead-hopes-are-high-for-tech-stock-cadillacs-so-are-their-prices-idUKKBN1ZN24H

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1 hour ago, Caseynotes said:

And looking at the weekend S&P there doesn't seem to be any panic selling but rather a normal correction on the back of new news regarding a spreading virus which may have an affect on near term economics, very reasonable I would have thought.

Steady nett selling is more likely , with relief rallies.  Old fashioned non techy charting would suggest that we had a key day reversal in SP 500 on Friday so that is the end of that trend....  

'The known knowns , the known unknowns and the unknown unknowns....' Never a truer word spoken.  

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The indices are certainly not showing panic selling and in fact looks more like a normal monthly correction, today will be telling as to whether the slide will be contained or not. The top pickers are back out with their usual predictions, one red candle = coming recession, two red candles clearly indicates the end of the world is nigh.

Over the weekend there was lots of scrambling about for historic comparisons and the SARS outbreak was the go to data pile which didn't actually cause world wide economic meltdown (see bottom chart). 

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Recent outbreaks SARS and Zika; Their news story count and indices reactions.

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Dax and Dow moving sideways trapped just below the daily pivot.

M15 charts;

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Dow early test of support at R1, see if this holds, Dax followed down to it's own R2.

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Zut alors, Samwise Gamgee - it's a correction all right 😱  The slightest excuse and the indices and commodities sell off like a MoFo.  Buy and hold is only for people who are willing to wait it out for five years or more and only look at the charts once every six months ... or buy options ... not for people who are using stop losses ...

Edited by dmedin

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Short term trend down

I expected the bulls to try to close the gap so i did not take the short 

a well better luck next time

DAX.png

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8 minutes ago, Kodiak said:

I expected the bulls to try to close the gap so i did not take the short 

a well better luck next time

A gap fill could still happen but need to secure support first.

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10 minutes ago, Kodiak said:

Short term trend down

Ride it down then take advantage of the bargains at the bottom 🥳

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Dow looking to have another go at R2 after R1 failed as support.

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Dow looking to retake R1 after finding support and bouncing up off R2.

M5 charts;

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U.S.A. sellers buying the dips so far 🥳

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Dow revisit to R2 then back up to R1 on the US open.

Another comparison chart of the SARS impact, this time on China retail trade and indy prod, short lived dip.

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Dow and S&P have reversed yesterday's losses overnight, 3 daily red candles in a row though wow, haven't seen that since Feb, May, July, Aug, Oct. Amazing.

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As Chris B said yesterday, even if DJIA falls another thousand odd points it's still in an uptrend.  Looking to buy bargains at the bottom.

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After an initial push down on the London open not much happening with Dow just below the daily pivot and Dax midway between the pivot and S1.

M5 charts;

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Nice bullish reversal candle on the Dow and S&P yesterday and a strong start already this morning. 

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Dax and Dow starting the London session between the daily pivot and R1 having tested R1 earlier. Doesn't look like a test of support to start rather a retest of resistance.

M5 charts;

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Apple earnings beat.   Another case of 'too good to be true' turning out to be true after all.

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2 minutes ago, dmedin said:

Apple earnings beat.   Another case of 'too good to be true' turning out to be true after all.

was reading this morning that Apple is now worth more than all the companies on the Dax 30 put together 😳

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2/3rds correction, back up and closed the window.  Interesting to see which direction of the window price closes on today.  💡

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Dax and Dow rather directionless between the pivot and R1.

M5 charts;

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I think Dow going sideways is more likely for the time being than a big "40%" drop. That is too far of a drop since we still have to visit Dow 30000 later this year.

On a side note, IG Client Sentiment is not being updated regularly. I wonder if IG or some other entity are positioning themselves first for shorter term trades.

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15 minutes ago, HPbrand said:

I think Dow going sideways is more likely for the time being than a big "40%" drop. That is too far of a drop since we still have to visit Dow 30000 later this year.

but a man can dream can't he, though by the look of the state of him, after 10 years it's probably time to move on 😭

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12 minutes ago, Caseynotes said:

but a man can dream can't he, though by the look of the state of him, after 10 years it's probably time to move on 😭

Very true! If he has the time to figure out the markets, he should spend some time to visit a hair stylist and buy crease free shirt. By the sounds of him, he should be at least a multi millionaire.

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