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After Hours futures chart.
Trend doesn't look the same. Closed below where they traded at 10 AM.
Check out the Q's volume dumpage after hours.
If Ndx gets above 1680 will be a problem, Bulls may have control for a bit. Right now bears still have it.
Hard Down. Q's falling like a rock after hours.
Indigestion. QQQQ Nasdaq-100 Trust 1 38.61 -0.11 -0.28%
After Hours.
Boring assed 38.60...38.61...38.60
Starting to look like they may let it wander up on low volume before smack down Monday. Projecting 1.46 B on Naz.
http://www.ttrader.com/stockchat/popup2.php
Hedge off 38.61. I don't think it's going far. weak Fri. bounce.
Hedged a bit at 38.57 but still net short 2 to 1.
Google PPT. Somebody believes it.
Results 1 - 10 of about 890,000 for Plunge Protection Team.
http://www.google.com/search?sourceid=navclient&ie=UTF-8&rls=GGLD,GGLD:2005-08,GGLD:en&q....
Next small bounce at 38.20
I think we get your bounce target today. Looks like it's gonna take a gap n crap though.
Poker, 37.97 is the 38.2% fib and 37.51 is the 50% retracement of the low in July to the Sept high.
As volume comes in it's been sell side.
My target is 38.0-38.06 QQQQ.
Back in short Qid. 67.34
The "Spin" for the decline can be found here.
http://www.thestreet.com/markets/marketfeatures/10307553.html
The reality could be a profit taking decline ahead of seasonal weakness.
Could be that markets were overbought and running out of buyers.
Could even be the finish of an ABC correction off the summer lows with a fresh 5 wave decline ahead.
As my friend Jim Quince is fond of saying "We will know in the fullness of time." http://www.investorshub.com/boards/profile.asp?user=22455
I appreciated your inputs and will continue to read your posts.
My thinking as well, plus the trendline support sealed the deal. If it bounces here I think 1586 is max.
The low was 38.61 and I'll stop out if that is breached since it says TL support has failed and it needs to find another level.
Very low risk trade here as I have weak conviction on longs right now.
Vestor, yes I generally use an Ndx/Indu with indicators but cleared them for posting for the sake of simplicity.
I did notice what those indicators are saying tho. Weekly MACD turning up/crossing signal line from a 3 year low. Means the upside momentum of the Ndx stocks relative to Dow could have made a significant low over the summer.
RSI 14 was deeply oversold and at capitulation levels. If we remain in a bull market there's plenty of room to rise.
Remember the only thing Ndx/Indu measures is investor willingness to take risk and probably more important than adding indicators, the trend is what matters most.
The caveat of the oversold RSI and Macd cross is that if we have entered a bear market they're meaningless as oversold becomes more oversold and crosses fail at a low level.
Good place for a bounce. Stop just below TL.
Well, I took off my QID short near the close and went long QQQQ. I'm thinking there's a bounce in here as the upside momentum shouldn't just completely give up.
I saw the trend position as a low risk long at trendline support with a stop just below the TL.
BWDIK. I'll be looking to reposition short later if the opportunity presents itself.
I took Qid off and added QQQQ for a bounce.
Oh I know it's good.
Been looking at the futures charts lately, Looks like thats how they've been pumping the indexes. Basically every dip.
Well, I'm ready for some movement in the other direction. Be nice to have some confirmation.
The first dip may be heavily bought.
They're following in Dell's footsteps as far as losing pricing power due to commoditization.
I doubt average consumers care about which processor they're buying to surf the internet enough to pony up premium prices.
Maybe they're shrinking the business due to lack of demand for high end processors. If selling continues over days and weeks the market wonders where the end is in the shrinkage.
Railroad bread and butter is hauling commodities such as coal, grain, and lumber. Perhaps signaling a lack of demand due to weakening economy. Similar charts.
Steve, here's one of the things I'm watching for continued bearish confirmation.
Significance of the Ndx/Indu ratio is that it indicates investor willingness to take risk.
Notice that this weekly view has remained on a SAR sell and below the 20 SMA vitually since the top.
If Ndx begins to consistently outperform the safer Dow look out above IMO.
My guess would be that given a timeframe of 'a few years' attrition will indeed take care of the dirty work.
At this point my target is the TL shown in this chart http://www.investorshub.com/boards/read_msg.asp?message_id=13092868
We'd have to start living below the gap at 1534 and that retaken trendline before I'd be on board for 1400 and possibly 1300. I think it's doable as the soft landing theory is most likely 'pie in the sky'. A vague memory of something read is that 12 of the last 14 interest rate cycles ended in a hard landing.
IMO what's going on in the Nasdaq is that it is the beneficiary of a period of sector rotation, but certainly not by the institutional buyers. Volume doesn't support the notion of institutional buying. Funny, there starting to run the high pe stuff that couldn't be dumped quick enough a month ago.
I added some too. Average 67.17. I need 1572 Ndx for breakeven.
Added more QID at 1604 Ndx.
Avg. is equivelent(sp?) to 1572 Ndx. Seems like a long way down when you're getting thrashed.
I'm thinking retracement to 2120-2140. What do you have?
Well, they're rallying the world markets on lower crude, seems oil traders gave up on hurricane season. U.S. Markets look higher tomorrow to me.
Credit for that work goes to very good chartist jmicou.
KovuLK, here's a borrowed chart from Traders Talk.
Not that many bears at 26%. Note that the scale is inverted and the drop of 11% last week.
http://www.sentimentrader.com/subscriber/charts/WEEKLY/SURVEY_AAII_BEARS.htm
Breadth thrust may be about played out.
http://www.martincapital.com/chart-pgs/CH_thrst.HTM
Bulls climbing fast at over 60%.