Followers | 121 |
Posts | 24039 |
Boards Moderated | 0 |
Alias Born | 02/20/2003 |
Wednesday, June 18, 2008 6:06:21 AM
QQQQ
We got a gift yesterday with the rampo at the open yesterday giving us a opportunity to short the QQQQ with little risk, since 49.00 is our target and resistance. Given that we are oversold and still in a tradable long. We half of our short at support at the 48.50. 48.75 is again resistance and will add to or cover the rest with the bounce this morning.
SPX
We got a sell signal after the open on the SPX at the 1358 location and are still in the trade short at support, but with a half position at 1350. We will add to the short if this breaks the 1350 area. 1355 is now the resistance area and if we bounce this morning would be the area we will watch to cover.
Dow
We got a sell signal at the 12260 and are currently on a hold short signal so we will continue to hold and will watch the 12225 resistance area.
Conclusion
We are on short signals with the Dow and SPX and are watching the confirmation of the QQQQ. We will protect our profits at the prescribed resistance areas. Given the over soldness of the markets expect a bounce to the resistance areas first thing. Good Luck
All indexes are on tradable longs
QQQQ is the strongest index as we hit our target at 49.00. We closed our longs and am watching to see if this bull flag on the min charts take us past the 49.00 resistance area first thing tomorrow. Since the other two indexes are weak, it is doubtful if we mount any ramp above that area, if we do then we will go to a hold long position.
SPX and the Dow are weak with both indexes tumbling down with any weakness tomorrow in the Nasdaq or banks... guess Goldman falls into that category... The Dow goes into a sell with any break of 12240, SPX line in sand is 1355, with a confirmation sell signal of the 1350 SPX area.
Conclusion:
We are out of the trade across the board with the tradable long signal and our target hitting our 49.00 QQQQ target. Over 49.00 we would open new longs, but given this weakness in the other indexes, that is unlikely.
Any break of the 1355 SPX area and will initiate new shorts and then add all in with the break of 1350. On the Dow we have a short in place with a break of 12250 and all in short with a break of 12225.
On the long side, we currently would have to get above the 1370 SPX and 12350 Dow to hold long any long position.
Buy 'em when they are crying, sell them when they are yellin'
More charts
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID456385
Recent SPY News
- Form N-30D - Annual and semi-annual reports mailed to shareholders [Rule 30d-1] • Edgar (US Regulatory) • 05/30/2024 05:11:58 PM
- Form 497 - Definitive materials • Edgar (US Regulatory) • 05/29/2024 07:34:56 PM
- Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public) • Edgar (US Regulatory) • 05/28/2024 06:12:34 PM
- Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public) • Edgar (US Regulatory) • 02/27/2024 09:08:56 PM
- Form 497 - Definitive materials • Edgar (US Regulatory) • 01/29/2024 03:40:28 PM
- Form 485BPOS - Post-effective amendment [Rule 485(b)] • Edgar (US Regulatory) • 01/26/2024 09:50:00 PM
- S&P 500 Expected to Be Volatile This Week • Finscreener.org • 12/11/2023 10:21:00 AM
- MCD Stock: Is McDonald’s a Good Buy Right Now? • Finscreener.org • 12/11/2023 09:55:00 AM
- S&P 500 Index: Should You Expect a Santa Claus Rally In 2023? • Finscreener.org • 12/04/2023 10:15:00 AM
- Uber Stock Spikes On Its Inclusion in the S&P 500 Index • Finscreener.org • 12/04/2023 09:59:00 AM
- Form N-30D - Annual and semi-annual reports mailed to shareholders [Rule 30d-1] • Edgar (US Regulatory) • 11/29/2023 08:08:28 PM
- How Does ETF Investing Help Create Long-Term Wealth? • Finscreener.org • 11/27/2023 10:07:00 AM
- Can Tech Stocks Continue to Gain Pace This Week? • Finscreener.org • 11/20/2023 10:43:00 AM
- Will the S&P 500 Index Move Higher This Week? • Finscreener.org • 11/13/2023 09:54:00 AM
- Meta Stock Slumps Despite Beating Estimates • Finscreener.org • 10/26/2023 10:12:00 AM
- The S&P 500 Index Likely to Remain Volatile in Q4 of 2023 • Finscreener.org • 10/02/2023 09:23:00 AM
- Will the S&P 500 Gain Pace in the Final Week of September? • Finscreener.org • 09/29/2023 10:22:00 AM
- Will the Tech-Sell Off Continue This Week for the S&P 500? • Finscreener.org • 09/11/2023 09:46:00 AM
- Macro Indicators On Radar for S&P 500 Investors This Week • Finscreener.org • 09/04/2023 10:01:00 AM
- Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public) • Edgar (US Regulatory) • 08/28/2023 08:33:01 PM
PickleJar Unveils Latest Venue Managed Services Innovations in Upcoming Webinar • PKLE • Aug 23, 2024 1:11 PM
Element79 Gold Corp Provides Update on Nevada Portfolio • ELMGF • Aug 23, 2024 8:00 AM
Maybacks Adds Award Winning Show to Its Lineup Discusses Maybacks Opportunity • AHRO • Aug 22, 2024 11:30 AM
North Bay Resources Announces First Gold Concentrate at Mt. Vernon Gold Mine, Assays 12 oz/ton Gold, 17.5 oz/ton Platinum, and 8 oz./ton Silver, Sierra County, California • NBRI • Aug 22, 2024 10:28 AM
All Things Mobile Analytic, Inc. Reports Major Growth with Over $11 Million in Revenue • ATMH • Aug 22, 2024 7:19 AM
Unitronix Announces Strategic Entry into Cryptocurrency Space • UTRX • Aug 21, 2024 10:00 AM