chris fords rambo friday - 11/11/11, page-21

ANTHEM FOR DOOMED YOUTH

What passing-bells for these who die as cattle?
Only the monstrous anger of the guns.
Only the stuttering rifles' rapid rattle
Can patter out their hasty orisons.
No mockeries now for them; no prayers nor bells;
Nor any voice of mourning save the choirs,
The shrill, demented choirs of wailing shells;
And bugles calling for them from sad shires.
What candles may be held to speed them all?
Not in the hands of boys, but in their eyes
Shall shine the holy glimmers of good-byes.
The pallor of girls' brows shall be their pall;
Their flowers the tenderness of patient minds,
And each slow dusk a drawing-down of blinds.

Wilfred Owen, MC. 1893-1918.

In America:

Dow Industrials +0.96%
Dow Transports +1.28%
SP500 +0.86%
Russell 2000 +0.92%
Nasdaq100 -0.09%

Comment: An inside day on lower volume. We need to see how the next day goes.

NewHighs/NewLows 23/35. NH
Technical Comment on the Dow Industrials:
The DJIA finished at 11893.9. At 11900 resistance and below the 200Day Moving Average.
Below the 10-Day MA. Negative.
Indicators:
* Stochastic: 53.2. Below its signal line and falling. Negative.
* RSI.9 is at 51.6. Above its mid-line. Positive.
* MACD Histogram marginally below Zero. Neutral.
* MACD above zero. Positive. Falling perilously close to the zero line.
* CCI.14: -37.5. Negative.

For the past three weeks the Dow Industrials has been in a sideways consolidation, oscillating around the important 200-Day Moving Average.

Support and Resistance: 11600-12300.

Nothing resolved today. The market looks weak, with the line of least resistance still down. Until 11600-12300 breaks one way or the other, this remains a large consolidation.

The next day’s trading in America occurs on Veterans Day. This is a federal holiday in America so many traders will take the day off. Volume will be light allowing for volatility to be pushed around by those traders who do turn up for work. So trading could get interesting.

Redbacka