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Pokersam,
Hi, I think a meaning full retracement is not in picture till we hit 1579 - 1585 area on S&P.
JMHOP.
Here are my current views,
Market saw the signs of war ending in Iraq yesterday and that was a correct response to rally along with short squeeze, but in few weeks reality will set in that Govt. spending is going to slow down and real estate crisis will hit hard, inflation rise. That will set the stage for correction that is where TA match with reality.
I think we will come back and test 1380-1370 area of March low again. I was wrong many times and I could be in future also so do your own due diligence.
EW is correct some time and some time not.
I appreciate your hard work.
Short squeeze is bad in the long run, In absence of shorts there is no support for falling prices and that what is coming in few months.
I am long but with protective puts, 2% out of money. My deductible is 2% and these rallies are making up nicely.
People have high hopes from you because some of your calls were right on the money.
good luck.
Farooq
W@G1 QQQQ 07/09/07 for 07/11/07 close
49.00 dr_sean
48.86 DrWorm
48.50 rayrohn
48.48 Farooq
48.00 frenchee
I think we will see that price in this time span, let's see if we close near that we can go easily to 49.80 before any meaning full pull back, JMHOP.
Thanks, I was just lucky.
Farooq
Thanks, you just needed a push.
W@G2 QQQQ 06/27/07 for a 06/29/07 close
47.60 dr_sean
47.47 rayrohn
47.30 anderl
47.15 bob3
46.82 DrWorm
46.50 Farooq
46.25 frenchee
W@G1 QQQQ 06/25/07 for a 06/27/07 close
47.75 dr_sean
47.35 Farooq
47.29 DrWorm
47.15 bob3
47.00 rayrohn
46.75 anderl
46.50 frenchee
46.40 marin
I should wage 47.23 but in a bull market 1% increase on index is possible crowd is on right side (lower level) I just went with odds (not in my favors) still 43% chance to at least hit that.
JMHOP.
Farooq
W@G1 QQQQ 06/18/07 for a 06/20/07 close
48.30 Farooq
47.88 bob3
47.73 DrWorm
47.55 dr_sean
47.42 AZ123
47.36 anderl
47.20 marin
47.00 frenchee
46.99 rayrohn
W@G1 QQQQ 06/11/07 for a 06/13/07
47.25 rayrohn
47.08 bob3
46.98 Farooq
46.91 DrWorm
46.84 frenchee
46.50 dr_sean
You have missed the one already, do not worry there will be another one.
I did wrote this"I do not feel we will be able to take out Friday's high tomorrow.
Let's see. I think 1550 areas will not be tagged. participants are selling in current strength."
We are near short term target but we are going higher more slowly this time. 1550 area will be tagged around late July, August.
JMHOP.
Stopped out on NQ for a loss.
Set up is still valid.
Sold QID on push for 12 Cents profit and did not bought back. I was out and could not make in time before market close.
Hope to get better entry and stay long, Small loss on future but could enter at better price after hours.
I do not feel we will be able to take out Friday's high tomorrow.
Let's see. I think 1550 areas will not be tagged. participants are selling in current strength.
Farooq
If we break Friday's high then going down 3 % is out of windows, it must stay below 47.62 for set up to be valid. JMHOP.
I was wrong many times and I would be in future too.
Farooq
Suppose if most participant see that and act accordingly then what would be least resistant way to go?
We can close fractionally higher then Friday close and that will be prefect set up for 3% down move.
JMHOP.
Farooq
Long QID @ 46.20 stop 46, if weakness persist will buy puts in to close, looking for July 48 puts, more bang will be June 48 but I am not comfortable with them. I will sell 46 July against them.
Short NQ @ 1932.75 Stop @ 1937.
Do your own d/d.
That is why professional favors spreads.
W@G1 QQQQ 06/04/07 for a 06/06/07
46.80 dr_sean
46.57 Farooq
Congratulations on good prediction.
Farooq
If you have quote access then you are at gambling machine, The best trader in the world do not have any of those at his desk and he runs his program at night and place at that time.
I think he is not a day trader.
I am talking about Ed Seyktoa.
He help other traders now.
http://www.seykota.com/tribe/
Farooq
That is exactly what will bring it down , Once in August our troops strength start decreasing we will correct current situation.
We are infusing so much money because of war that during this period we can not and will not go down except for 2-4% adjustments or manipulations for OE. JMHOP.
You are correct in your read.
Good luck and happy trading.
Farooq
Agree on all counts but trader makes mistake too and they are sometime stubborn and 85 % loose all capital in 3 years.
How is your foot?
Good luck.
Fear of missing the market will force the majority to enter at wrong time. Cool heads will be exiting at that time. You are right few will miss the whole move and wait all the way but then they mostly wait any way. JMHOP.
Invest with insurance. We do not drive our car with out insurance why money?
Good luck.
Farooq
Gleno34,
Here is what I think at this time, I posted it on other board,
"Look on any board and we see majority is looking for low or short , in this kind of bearishness we can not and will not go down, From Tuesday we might have a 3% correction in 4-5 days period no 10 % correction here, then up again, I do not see any meaning full correction before August. Take it with grain of salt because I was wrong many times before and I could be again."
Good luck and always keep insurance, we can always make mistake but it should not make us wiped out.
Farooq
Look on any board and we see majority is looking for low or short , in this kind of bearishness we can not and will not go down, From Tuesday we might have a 3% correction in 4-5 days period no 10 % correction here, then up again, I do not see any meaning full correction before August. Take it with grain of salt because I was wrong many times before and I could be again.
Farooq
Rayrohn,
Get maximum RAM. Then you can run more applications. JMHOP.
Farooq
Thank you.
Farooq
E-Trade and IB.
Farooq
I will not short QID till it takes out, 47.91. JMHOP.
Farooq
Edit: If you are for next 40 minutes then I am with you.
Congratulations, Good Job.
I think they will try to tag 46.75-- 46.85 On QQQQ before going down, too many bears. Most of us have to give up before market can start falling. You could be very correct on your call.
Four days churn is possible and in that scenario 47 is not out of question.
JMHOP
Farooq
W@G1 QQQQ 05/29/07 for a 05/30/07 close [2 day W@G1 - Memorial Day Markets Closed]
46.50 dr_sean
46.89 Farooq
I edited my post for more disclosure, I was hoping for high but rally is kind of strong, I am trading on NERS and few other indicators.
It is hard work, I am thinking to become swing trader myself.
Thanks for your input.
I just posted what I look so it is fair for every one.
Good luck.
Farooq
OT,
I have covered it at 48.18 on HMA 9 cross on a 5 min chart, 12 cents profit and went long, stop 48.08.I do move my trailing stop to break even+1 if we move above entry price. Just a disclosure.
It is becoming a better trading vehicle.
48.32 might have some resistance.
Farooq
Where will be your stop?
I think better place to short is 48.70 which it could attempt again.
I have a long position from 48.20. Stop is at 48.30.
JMHOP.
Farooq
Edit: Stopped out, Now short and stop 48.50
AMTD on near new high while they gave lousy earnings. Some one bought August 17 1/2 Puts for Ask which was 0.65 and he bought 4264 contracts, 8881 traded today which is 30 times normal volume.
I have wet my feet with bearish call spread June 20 long and June 15 short. I will be buying August puts also.
Do your own D/D. It is jungle out there.
Stock is moving higher on buy out rumors that is why I am doing spread then straight short.
Farooq
AMTD on new high while they gave lousy earnings. Some one bought August 17 1/2 Puts for Ask which was 0.65 and he bought 4264 contracts, 8881 traded today which is 30 times normal volume.
I have wet my feet with bearish call spread June 20 long and June 15 short. I will be buying August puts also.
Do your own D/D. It is jungle out there.
Stock is moving higher on buy out rumors that is why I am doing spread then straight short.
Farooq
Bruce,
That is a diamond in rough.
Thanks.
Farooq
Bruce,
I totally agree on fundamental basis it is a great speculation.
I was worried about dividend, some time great companies do cut dividend to survive and thrive and there is nothing wrong with it.
I read most news on it, and I thank you to introducing it to me.
Good luck.
Farooq
arkieboy1,
I can not answer PM, if you want info I can post here or you can send an e-mail address in PM and I can send info on that address.
Farooq
Bruce, Good morning,
News you are referring is 3 months old and they changed set up in May.
I will buy it when they announce X div date.
They have not announced it. Usually they announce after earnings.
I still have doubts they will be paying that high dividend other wise it is a great speculation.
Thanks for your time and info, I might make some money on it.
Farooq
W@G2 QQQQ 05/23/07 for a 05/25/07 close
47.05 DrWorm
46.71 Farooq " It could go to 47.71 also but I am hoping for lower"
46.44 frenchee