daytraders per market 19 nov, page-3

Nice one Pete, don't you just love it when all the bad news/rumours/excuses surface at the time when the market(mainly the US) has some downside room(topy) and then magically this news turns positive when the price target hits the support area and the big money load up! I reckon that game is getting a bit old now lol. That white trendline below did the job nicely catching Tues/Wed falls and the price is now almost 200 points above that line heading for resistance again. I think you are correct about a little more upside now, that pink resistance line is at about 11,303 which would meet the horizontal resistance at that price also. The blue one above it is at about 11,362, lets see what happens. Interesting the SPX also closed the gap it left on Monday night lol funny that. Have a great day all.

DJIA daily





http://www.businessspectator.com.au/bs.nsf/Article/US-STOCKS-Futures-surge-on-Ireland-optimism-data-o-BBHAL?OpenDocument&src=hp1

Reuters

NEW YORK - Wall Street rallied, achieving solid gains for the first time this week as concerns about Ireland's debt crisis eased and strong interest in General Motors on its landmark return suggested stocks were still valuable.

General Motors Co's shares gained seven per cent to $US35.27 in the debut of its landmark IPO, the biggest in US history. Trading in the Detroit automaker's shares accounted for nearly eight per cent of composite volume, according to Thomson Reuters data.

"We are still being moved a lot by macro factors, and today we got a good one from Ireland," Channel Capital Research chief investment strategist Doug Roberts said.

The GM initial public offering also indicates that "the demand is still out there, giving reassurance to investors," he said.

Reflecting less uncertainty in the market, the CBOE Volatility index, Wall Street's so-called fear gauge, fell 12.1 per cent at 19.13 after remaining above 20 for most of the week.

Ireland's central bank chief expected the country to receive tens of billions of euros in loans from European partners and the International Monetary Fund to help shore up its shattered banks and stabilise the economy..

The fear was what would happen if Ireland were to go down, what reverberations and aftershocks we were going to see," Morningstar equities strategist Paul Larson said.

"What this does is to steady that first domino."

Markets have fallen recently on concerns that unless Ireland received a bailout, problems in other heavily indebted euro zone members would spread, hindering a global recovery. The S&P 500 slipped nearly four per cent since November 5.

According to the Wall St Journal, The Dow Jones industrial average was up 167.44 points, or 1.52 per cent, at 11,175.32.

The Standard & Poor's 500 Index was up 17.74 points, or 1.75 per cent, at 1,196.33.

The Nasdaq Composite Index was up 38.14 points, or 1.54 per cent, at 2,514.15.

US-listed shares of Bank of Ireland climbed 11 per cent to $US2.39, while the FTSEurofirst 300 index of top European shares was up 1.3 per cent.

Relief over Ireland prompted a broad US rally, with most S&P sectors gaining more than one per cent.

The S&P materials index was up 2.6 per cent, while the financials index climbed 1.8 per cent.

The S&P Industrials index also rose two per cent as GM's advance boosted shares of other automakers and auto suppliers.