Tuesday, June 17, 2008

Me and you and a dog named Boo.....

The round up of Monday first. I had expected initially a longer white candle before the market opened and then expected a sell off seeing the matket behaviour during the day. This conclusion I drew from the fact that even after Europe opening positive - we starting shedding points.
Meanwhile the europe gave highest inflation nos since 1992 to 3.7%.
Noticed that the discount in futures reduced and came to premium? -- but then the nifty retracted and gave up the gains. So overall a positive monday but the confidence of bulls was really lacking where they bears had heavy hand above 4600 and bulls a better hand at lower levels. Well who won the round? -- white candle with the body above the last candle -- definately bulls won. There is no lower wick - meaning that the market never fell below the opening.

So far so good. Europe after a good opening however dropped to red and US after a weak opening tried to recover - Nasdaq closed green, up .83% and DOW closed red, down .31% S&P500 absolutely flat at +.11 or 0.01% in green. Taking these que's asia is totally confused. All this was by the way dictated by the oil prices fluctuations. Saudi did promise to raise production but less than expected.

What lies in store for us today? well a fairly confused day but a definate slow and steady move towards 4700. Candles? well say nothing in particular. Other indicators? Well MACD fast line may cross over the slow line and that is good. Stochastic fast line is already well above slow line and has crossed over 50 line remains good, RSI inching towards middle marker and StochRSI above middle marker. Bollinger band is contracting and the candles have moved away from the lower side of the band. Another good thing is that no indicator is giving overbought sign and so a sell off not likely still. Reading TRIX is tricky as it is now almost flat and Jaggu is still sleeping so cannot saw anything about TRIN.

Okay just as I was about to post TRIN has been posted by Jaggu and it says bearish. So inspite of developing positive signals the confusion remains.

I expect a red to flat opening with a slow and steady move up if other indicators remain constant and oil does not give any jitters to the market. We remain firmly on our way to 4700.

Best of luck for today's trading.


allvoices

10 comments:

S S Cheema said...

Uma, Jaggu, Nifty, rajandran and all who read this -- I want help. I want to read 5/10 minute candles when the markets are open and iCharts gives only the end of the day data. Could anyone of you please point me out to a site where I can see the nifty/stocks minute to minute?

Psst... should be free ofcourse. at the moment i am busy paying to FIIs and brokers only.

cheema

geniusjaggu said...

arre cheemaji,
STOP making ICICIDIRECT richer...change your broker...

try 5paisa,indiabulls,motilal oswal..etc like professional brokers...they provide u with charting/terminal broking software...

where u get all professional charts(5,10,30min,hourly,weekly charts) and daily mkt tips..etc.... all for free...

S S Cheema said...

Thanks -- jaggu for the reply -- I cannot follow myself when i predict right - how do you expect that I will follow anyone elses tip the right way.
I do have india bulls account and 5 paise too but indiabulls require too much tinkering to get it right and 5 paise software is bad -- very frequent disconnections and requires better bandwidth that I do not have on roaming -- I am now on data card. Thanks all the same.
Cheema

Uma said...

cheema....Try this link:

http://charting.bseindia.com/charting/index.asp

The BSE website provides stock charts using the metastock stftware but I'm not sure if it's live or if you will get your other requirements.

preet said...

Thanks Uma -- will let you know my experience.

geniusjaggu said...

roaming on data card????....

wud u mind,if i ask u personal question,r u a full time trader(like me ;) ) or has other business interest or job???

S S Cheema said...

Jaggu - I am a pilot in Army. It is just that this period I was on leave and I had all the time to post and be on the net for trading. My leave finishes on 20th and that would be that.
Datacard? I am also addicted to net so Have broadband home, gprs on phone and data card on Laptop.
Cheers

geniusjaggu said...

wow,cheemaji,

its great to be a pilot....

(i cant fly,bcoz i dont have wings,but cheemaji can)

wow,u look like net addict like me.. LOL... icing on the cake..i get really mad...if i lose touch with cyberspace/net for a day :(

happy trading/profits...

Uma said...

Oyy Jaggu, what a strange question huh? That too after reading all his blogs about life in fauj and those pix of the hard life on the border.

geniusjaggu said...

uma,
i dint really knew,that cheemaji is still in the army,i thought he was retired since in Short service commission u have to work only 10 years(exact i dont) i think...

cheemaji,correct me if i m wrong :)

uma,tats y,i clarified it...no other intention from me....