Bulls..... Dancing with the wolves...

0700hrs: US finally ended flat like FLAT. Dow down 0.06% Nasdaq up 0.31 % and S&P 0.25% in red. The elections are now what are making them indecisive. Nikkei is covering up for the day it has lost - yesterday it was closed as mentioned below and Strait Times is down 1.3%. I think we should be ready for a rock and roll day today.

03 Nov 08: Yeah! that is exactly I will term it as. Dancing with the wolves... See the bears (aka wolves) are not far away - they are intently watching every move of the bulls and very intentively that is. Today as the markets tried to stablise during the mid session - there was a strong possiblity of a sell off - but got saved some how and then the bulls took the markets to the next higher level of 3060 (given as R2 yesterday on the pivots.) - finally closing a few points down and then got adjusted for the closing at averages and was down to 3043.85 or so. Though what I see I see good but then in the back of my mind is one nagging question. Are bears waiting for the bulls to buy themselves out? Why the heck are they not even trying to strike. All the same - so far so good. Mind you the resistance at around 3200 level is going to be pretty strong - if not a bit earlier. The markets of course are doing well and may continue. Let me tell you here itself - there are no trend reversal signals still - so do not forget the downside part totally - all the same enjoy till we continue with the upswing.

Something interesting on the lighter side that I came across on net some time back that I would like to share with you all -

An Israeli doctor says 'Medicine in my country is so advanced that we can take a kidney out of one man, put it in another, and have him looking for work in six weeks.'
A German doctor says 'That is nothing; we can take a lung out of one person, put it in another, and have him looking for work in four weeks.
The Russian doctor says 'In my country, medicine is so advanced that we can take half a heart out of one person, put it in another, and have them both looking for work in two weeks.'
An American Texas doctor, not to be outdone, says 'You guys are way behind, we recently took a man with no brains out of Texas, put him in the White House for eight years, and now half the country is looking for work.'

Genesis of US problem? Anyways - back to the markets. Nikkei missed the action on the Asian markets today - being a holiday there. Hang Seng opened well into green and never looked back - finally ending 2.69% in green. Strati Times too ended in green - 4.99% up. Europe is the first ones to question the rally and opened somewhere around the flat line. remained up for the majority of the time dipped red an odd time and ended - FTSE 0.80% green, Dax 0.54% up and CAC 1.17% up in green. The US started the day with a flat but red opening. It is at the moment indecisive as the manufacturing data that has come is weak. it has slipped red three times but then again comes back in green. The markets are still not at the mid session and the markets may slip red if they do not have any hope to pin on. Dow presently is 0.42% green, Nasdaq up 0.63% and S&P up 0.18%. Basically the US can be defined as being cautiously green.

On the charts it turned out to be another good day (as was expected) Today is the fourth white candle day - baring the Doji on the 27th Oct I would have classified this symbol as Three White Soldiers and trumpeted it as a bullish indicator - but with a Doji in middle - I really do not know what to make out of it. The volumes mind you were less than last two days. The Bollinger bands have contracted some more and the 5 EMA line is closer to crossing over the 20 EMA line. On MACD the bullish crossover of the red line has happened! The Mass Index is back in the 26-27 band. And the TRIX is actually looking up today. WOW that's a big relief. The RSI is good and bullish and the Slow Stochastic too is good. The only problem that I see is that the Red line of Slow Stochastic is touching 80 marker and will step into overbought zone next.

As I am finishing this the all important pivot data is as under: -

R3 3239
R2 3173
R1 3108
Pivot 2996
S1 2931
S2 2819
S3 2754

Projected High range 3052 to 3141
Projected low range 2983 to 2894
Fib Projected High 3110
Fib Projected Low 2836

Best of luck to all. One new thing on the Blog - firstly I have added ShoutMix box on top for instant messaging. Secondly, Subscribe to the blog link has been removed. There were no subscribers except for me myself. Finally, I would appeal again - if you are somehow trapped into reading this blog then I would request you to click the "Followers" link and it will serve me as a motivating factor. If not I would still write.