Thursday, November 18, 2010

While we were sleeping

The US markets closed flat. Attempts to move higher did not quite succeed. The bull case is that they did not go down, so this one is neutral.
But, Asia has opened higher, and, thanks to almost a one percent gain in the Nikkei (so far) the S&P500 is trading higher in after market hours trading.

For Swing traders/Day traders in the Nifty, the Daily Pivot for Near Month Futures is 6035. Bullish above this number, bearish below it. The ORB (Opening Range BReakout) may also be appropriate for today's trading.

Silver: yesterday evening I took a small position(long) in Silver. Overnight Silver is higher. I am using simple trend following methods to track my position.

In the USA, GM is coming up with an IPO that is about 23.1 billion dollars. That's about One lakh crore rupees. Coal India was fifteen thousand crores, so this one is certainly big.

5 comments:

alphabet1 said...

I am honoured in having you found my comments worthy enough to be followed up by a chart by you. This validates my learning of TA.

Hope the market obliges me on my positions, which currently is long on Ce.

Do have a nice day.

PROACTIVE said...

Hi Mr Sukhani,
I actively trade silver with high accuracy. I take positional trades. Silver may go down once again to $24.50 to eat the stops at $25. Yet silver should not be shorted, because March 2011 targets are $34. so one can slowly accumulate silver

a said...

doesnt silver look like it has effected a strong reversal of sorts...do you think it is temporary or it will now continue its upward journey on the upward sloping trendline..is hit that 24.95 or 25 and strongly rebounded..but with next resistance on the upside at 26.5 and then 27.48 how far can it move
what do you make of this.Mr sukhani and others..pl reply

Sunil Malhotra said...

Interesting Comment I read on MMB "Once upon a time in a place overrun with monkeys, a man appeared and announced to the villagers that he would buy monkeys for $10 each. The villagers, seeing that there were many monkeys around, went out to the forest, and started catching them. The man bought thousands at $10 and as supply started to diminish, they became harder to catch, so the villagers stopped their effort. The man then announced that he would now pay $20 for each one. This renewed the efforts of the villagers and they started catching monkeys again. But soon the supply diminished even further and they were ever harder to catch, so people started going back to their farms and forgot about monkey catching. The man increased his price to $25 each and the supply of monkeys became so sparse that it was an effort to even see a monkey, much less catch one. The man now announced that he would buy monkeys for $50! However, since he had to go to the city on some business, his assistant would now buy on his behalf. While the man was away the assistant told the villagers. `Look at all these monkeys in the big cage that the man has bought. I will sell them to you at $35 each and when the man returns from the city, you can sell them to him for $50 each.` The villagers rounded up all their savings and bought all the monkeys. They never saw the man nor his assistant again and once again there were monkeys everywhere. Now you have a better understanding of how the stock market works."

rocky said...

Exactly, Good story, but my friend ,but unfortunately or rather fortunately it doesnt end there, another businessman comes and starts the trade all over again ,:), what say?