Announcement: I have completed building the infra-structure to the TraderTom LIVE Trading Room. I am testing it at the moment. I will announce the release here on TraderTom, once it is fully functional. The purpose of the room is to provide you a look into my trading day, and to see when I am buying and selling, and when and what markets etc.
14th May 2008 06:50am
Good morning,
I am out of the office during the morning. I will not post my analysis until later in the morning, around 10-11am.
Tom
UPDATE 13th May 2008 09:47am
The FTSE is seliing off. It was not an easy sell this morning, but once again we stopped dead at 6260-70. I am short and hope this will materialise into another leg down. Also, I am short oil. That is all for today.
Tom
13th May 2008 07:14am
Good morning,
I will post in more detail at 10am. For now I will just give a view on the FTSE 100. I am bearish the FTSE 100 because of the time count of 34 traded days from the lows of March into the top last week. Over the last 4 trading days the index has stopped any progress at 6260, give or take a little. If the market is bullish, and the trend is inded up, then we need to close at the top of the range. Sure, we had a good bounce since the lows, but I am betting we will see lower prices from here. I am not short as of now though. I am looking for the right spot. In the meantime I will trade intra-day. We are overbought on the oscilators, BUT there is no real weakness yet, just a time count.
Crude Oil is trading below the range of $124 - $126 after hitting a 1.618 extension. I AM short oil, and will add on weakness.
The workshop on the 24th May is sold out. I only have have a very limited amount of people on each workshop to ensure maximum attention to each individual.
The next date is the 7th June. Click on the banner above to read more about the workshop or contact me directly.
It was a poor close to a week where the high came first thing Monday afternoon in the Dow, and then downhill all week for
a 380 point loss. We had a similar losing week 4 weeks ago.
The SP500 closed at 1388 on Friday. In case you missed the short sell, let me show you what we had 5 days ago: 34 traded days up since the lows into a 61.8% retracement. Time and Price in unison. I am bearish against 13000 in the Dow. The big trend is down. The bulls need to get the Dow above 13000 or 12950 at a minimum to stand a chance.
The Dow might be completing a move into support. The swing is down but 50 points lower will complete a harmonic move into support.
I dont know how the FTSE 100 will open tomorrow morning (this is written at midnight), but the Market Map is pointing to a reversal around 09:45am.
ANALYSIS
