Monday’s video – Nasdaq 5000?
A quick look at the main indices today…
Hi, this is Charlie giving you Monday’s market commentary. I’m actually recording this on Sunday evening.
We’ve got breakouts here on the daily chart of the S&P, we’ve also…
Broken out on the NASDAQ .
I don’t think we have on the DOW, but we have on the Russell as well.
So we’ve got breakouts in the markets, that just tells us that the trend remains intact and we carry on marching higher.
On the NASDAQ, I know I’ve talked about this a long time ago, but if we go out to a quarterly chart we can see what we’re working towards, that’s those all-time highs back in 2000. That’s what it’s working towards, we will be working our way there.
Isn’t it interesting? You look at a chart, this is a quarterly chart, we had this big volatility back in 08/09, but let’s put this into perspective for the NASDAQ at least, just how dramatic that volatility must have been back then. Look at the size of these quarterly candles even in 08/09 when we had the huge volatility at that time, it pales in significance relative to what happened in the early 2000s.
I think that was more so on the NASDAQ, if we actually look at the S&P the volatility was heavier in 08/09 than in the early 2000s. That’s why it was all about that tech crash back then.
Anyway, for now the trend remains up. I haven’t got too much more to add than that.
This Friday we’ve got the London FOREX show, I’m sure some of you will be coming down to that.
Doing this trade off again down there, so I think the rules are the maximum we can trade off is £25 a point, and a few other normal technical rules, and we’ve got an hour and a half in which to compete, which isn’t a long time, especially because you never know what the markets may be doing at that time of the day.
I think it starts at around 1:15/1:30, for an hour and a half. We’ll just see what the markets are going to be producing.
In the main, what we are looking to do on that is what I would do any other time really, just to try and identify any of the normal sort of patterns that I would be looking for.
With those sort of events, sometimes the best thing to do is still to sit on your hands if needs be and don’t try and push it just because you’ve got an audience in front of you… not too much anyway, but of course I will be searching for trades and so will Ali as well.
So that should be good this Friday. So there’ll be no live trading this Friday.
I don’t think there’s much else to add really at the moment, I haven’t got anything else in my mind really to cover.
So I’m going to keep this short and sweet; stock markets are breaking out, no reason why they can’t go quite a bit higher.
I shall leave that with you, have a fabulous week. Catch you next week.