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Friday, August 05, 2011

Just in...and you thought today was volatile

The United States lost its top-notch AAA credit rating from Standard & Poor's on Friday, in a dramatic reversal of fortune for the world's largest economy.

S&P cut the long-term U.S. credit rating by one notch to AA-plus on concerns about growing budget deficits.

U.S. Treasuries, once undisputedly seen as the safest investment in the world, are now rated lower than bonds issued by countries such as the UK, Germany, France or Canada.

The outlook on the new U.S. credit rating is negative, S&P said in a statement, a sign that another downgrade is possible in the next 12 to 18 months.




Anonymous said...


Can you give your thought on DLB? Would you have enter and move stop like I did?

I saw the rejection of 62% RZ (or $32 as well) on bar 3/4/12 bar

I enter 16 bar shooting star which closed below 38% RZ

Although, it did not make it to the fib ext. I did make some money and kept moving my stop. Got stopped on the 28 bar high. I guess you can't win'em all. The worst is my broker quote/order system got mess up or I would of exit on the 31 bar high instead.

DRC was another choice which I should of take also.
WTW did not take because of the wide spread bar.


Trader-X said...

Hi Pat, actually if you plotted your lines over the first two bars it DID make it to the Fibonacci extension. I am assuming you plotted your's over the first six bars, though? Also, I am assuming a 5-minute chart?

I think it was a good setup either way. It almost hit the FE late in the day, but it gave you plenty of opportunity to take some profits regardless. The only negative was the pullback was a little deep...I would have liked to see it stay below the 50% line and the 11th/12th bar broke that level.

But again, not a bad setup.