Paul's Trades

[Myself °¿°]

posted this yesterday but now the good news is pretty strong
Posted by: BULLarkey
In reply to: None Date:8/20/2003 11:51:22 AM
Post #of 147

2) QQQ Gaps pending…bottom of gaps are 31.90 & 31.15
I thought we would push to 32.7? today…thinking back on it now, yesterday the 15, 30 and 60 min charts were way over bought.
32.7? is looking more realistic now but keeping an eye on those gaps…If we head for those gaps after tagging 32.70 on flat or bad economic news, that would freak out the majority myself included, creating panic and I will have to remind myself we just made a new high on bad consumer sentiment numbers.

P/C ratio does not tell the whole story
QQQ Pure P/C does not tell the whole story but something I have been looking at is the total Daily Open Int. change.

Yesterday
1.244715741 Pure QQQ P/C Ratio Open Int
3956231 Calls
4924383 Puts
89448 more calls than yesterday
132779 more puts than yesterday and the market went down today

day b4 that
1.239170649 Pure QQQ P/C Ratio Open Int
3866783 Total Calls
4791604 Total Puts
82378 more calls than yesterday and the market went up yesterday
12642 more puts than yesterday

day b4 that
1.26280406 Pure QQQ P/C Ratio Open Int
3784405 Total Calls
4778962 Total Puts
623650 less calls than Friday “Expiration”
1036161 less puts than Friday “Expiration” over a million puts left after expiration and what happened to the market after expiration.

The QQQ 60 min chart shows a white candle above the previous high so we have pierced it…we are resetting 15 and 30 min charts. The Question is do we completely reset the 60min chart B4 heading back up………ha ha ha ha ha the nasd is now green