I am watching the markets and thinking is this the pullback? Two days don’t make a trend, but I was looking at the DJI and noticed something interesting. For the past month approx 12,670 has been a sort of resistance point. The market has taken 7 runs to 12,670 and only once did it get over to 12,674 before sliding back.

Looking at the charts for the past bull run it usually takes about a month to move past resistance points. The market has moved sideways for better part of January and part of December, thus I wonder. If we get past the resistance point by the end of next week all should be ok. BUT, if we can’t get to 12,700 I think we might be in for quite a bit pullback…

Hmm, maybe we all should lock into a bit of profit?

christian:
about interactive brokers, don’t they charge min fee of $10/month and its trading platform isn’t as user friendly as td/etrade etc…

IB charges a min of 10 USD for real time feeds, if your trades don’t add up to 30 USD per month. Considering that one trade is a 1 even if there was a 10 USD min I would use them.

Now about their platform not being as friendly. Fair enough, but once you become an active trader their platform is very very powerful.

IB is not for the once in a while person. IB is meant for “professional” traders. I had a heck of a time figuring things out. But now that I know what I am doing I appreciate their platform because it lets me look at things in a very fast and effective manner.

You know the old rule, a mouse is great for easy to use software. But give a mouse to a data entry person and they will scream at how they want their tabs and keyboard entry back. Easy to use != professional != easy to use

One more thing, IB’s software is meant to trade literally millions of securities throughout the world. Thus to navigate this data they have a “routine”. It is not a routine that say TD has to deal with because they deal with American equities for the most part.

For example what is F? Is it a bond? Index? Option? Future? Stock? All of this depends on the country, currency and market.

christian:
thx..i am looking to subscribe IB..i know they have propietory software “workstation”..so i guess you have to “load” it in your computer be it home or office? am i right?
i also am impressed by the range of options available on IB…
what trading tools (software) for technical analysis and stock screener you recommend.

There are three options to using IB:

Web trader: which is an easy to use interface, but not really realtime.
Java Applet: which is the trade station software run as an applet.
Installed on Desktop: which is the trade station software installed on your desktop.

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[…] Last week (1,2) I talked about how the DJI should be breaking through the 12,700 barrier. We did not break through it, and I am I started to be concerned. Some technical analysts will draw pretty pictures with lines in multiple directions, but we are hitting a resistance point. I like technical analysis, but use it in conjunction with mathematics and probability. […]

[…] Last week (1,2) I talked about how the DJI should be breaking through the 12,700 barrier. We did not break through it, and I am starting to become concerned. Some technical analysts will draw pretty pictures with lines in multiple directions, but we are hitting a resistance point. I like technical analysis, but use it in conjunction with mathematics and probability. […]