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DDD - Tuesday's PricesUpdate #718 August 27, 2007
PRINTABLE VERSION
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Instructions for Tuesday: Again, if the Dow pushes above 13,390 and later falls below 13,320, we will go short looking for a couple of days of weakness. If we go short use a stop of 13,405. Ideally we will see the Dow open a little lower and then trade higher pushing above 13,390. From there we should have a somewhat complete rally after the mid-August. lows. It is possible the high we are looking for is already in place. Seeing the Dow slice sharply below 13,300 will convey that message. Our instructions are set for a more decisive type move in that for our short instructions to go active we will need to see a rally first. At this point, a quick rally followed by a quick turn lower will leave a more convincing breakdown in place. If we do go short on Tuesday, the key will be in seeing the Dow break and close below 13,300. This week is typically a slow one and it got off to a very slow start with Monday being the slowest full trading day of the year. On Tuesday the minutes from the August 7 FOMC meeting will come out at 2:00 PM. It will be interesting to see how the market reacts to a summary of their discussion. Keep in mind that the meeting was held before they had to have an emergency meeting to cut the Discount Rate. 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 September E-Mini eCBOT Dow $5 contract is YMU7 |
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