MAJOR MARKETS TAKE SHARP PULL BACK AFTER GAP OPEN [DOW CHART]

3/18/02 | ANTARES

[antaresequity]

All Major Markets Take Sharp PullBack After Open

This is a 13 minute chart of the DOW

[antaresequity]

Sell off has continued after I created this chart.

[sinkspur]

The chart's a mess.

Sixty points down is not a "sharp pull back."

[antaresequity]

60 points intraday in that time frame is sharp my friend

[hsmomx3]

Greenspan and all of his cronies really get on my nerves. He claims that the economy is wonderful but it is not for many of us who barely squeak by.

Two weeks ago gas prices were .97/gallon and over the weekend they were at $1.29!

Groceries keep going up as well.

I think they really need to look at this as people spend most of their money on gas, food, and housing.

[antaresequity]

Dont forget that it gapped open +40.00...this is a 100.00 point swing

[antaresequity]

Greenspan and all of his cronies really get on my nerves. He claims that the economy is wonderful but it is not for many of us who barely squeak by

I believe the market is poised for a major correction IMHO

[Black Agnes]

The difference in gas prices in most major metropolitan areas is *probably* due to the introduction of EPA federally mandated 'summer bland' fuels for which there are a zillion different blends for different major metropolitan areas. It takes time/extra resources to produce this many different specific blends and get the to market. Costs are of course passed on to the consumer. The average refinery produces about a 4% ROI over time. Not great investments, less so when stupid legislation like this is involved.

[Oldeconomybuyer]

Stocks pull back as Wall Street awaits Fed meeting -AP Breaking News
LISA SINGHANIA, AP Business Writer
(03-18) 09:18 PST NEW YORK (AP) -- Wall Street retreated Monday ahead of a Federal Reserve meeting that could provide clues about the direction of interest rates. Analysts said investors, still unsure about the prognosis for earn...

[Petronski]

I'm with sink. Sixty pts (even 100) is not 'sharp.' A sharp pullback is more like 3%.

[antaresequity]

I suppose it depends on the frame you trade...I trade intraday...so for me its sharp...if you swing..it should make one take notice...if your a buy and hold type its not much...

[antaresequity]

The chart's a mess.

How so?

[Gorest Gump]

Sharp pull back is now 48 points. Nasdaq is still up 2.

[Gorest Gump]

Word on "the street" is that most traders are waiting on word from the Fed. They fear tighter monetary policy. I can't see the Fed doing anything, but you never know with Greenspan.

[Gorest Gump]

Still down 48. The sky is falling!

[d4now]

The BKX.X tells the story.

[OwenKellogg]

>>> Sharp pull back is now 48 points. Nasdaq is still up 2. <<<

People will be jumping out of buildings soon.

[Grim]

60 points intraday in that time frame is sharp my friend

Doesn't look like there's any volume on the pull-back.

Looks like everybody's waiting for news.

[antaresequity]

From a traders perspective the pull back was sharp and is irrelevant to the net point gain and loss...

If you had been watching the Time of Sales on both the NQ and ES you would have seen the concerted sellside bias from a sizable gap open...

You miss the point. The pull back of the gap open was very sharp and very concerted...it sets a sizable downside [Elliot] Seed wave in the 13 min data, with a pronounced continuation series of candles...

Please do not misdirect the purpose of the post.

The post does not intend to describe what has happened, but points out to those who know of these things, a contextual element that would be considered in a trade decision.

[antaresequity]

Dow volume is not available until end of day...the histogram is of no use. On SP and NQ futures there is plenty of volume...We are at 90% of a ten day avg on SP, and 75% on NQ

[KansasGirl]

Don't forget that the Gov't takes 40%-50% of most people's income!!!