Profunds index and sector trading

[frenchee]

Maybe/Maybe Not...Here's my take on the QQQs...

Current Position: 200% Short.
Trailing Stop: 36.71.
Cover 1/2 of position: 35.21.

Review of evidence leading me to the conclusion to remain short:

Lots of price resistance between 36.50 & 36.71. This is a negative.

61.8% Fib retracement area around 36.50. This is a negative.

NAMO not overbought or oversold. This is neutral. http://stockcharts.com/def/servlet/SC.web?c=$NAMO,uu[d,a]dhllynay[dd][pb50!a-55!d20,2!a35!f][iUb7!La...

NAA50 looking toppy. http://stockcharts.com/def/servlet/SC.web?c=$NAA50,uu[w,a]ddlaynay[dc][pd20,2!a430!a830!f][iut!La12,... This is a negative.

Number of new lows out paced the number of new highs on the Nasdaq today; this is normally a bearish-trend warning.

SMH technical chart is improving. Money moving into the techs. This is positive.

Price near upper Raff Regression Line. This condition typically functions as resistance which is negative.

Chaikin Oscillator on a sell signal.

MACD on a sell signal.

Ultimate Oscillator on a buy signal.

Price Oscillator between 9 & 20 EMA on a sell signal.

Slow Stochastics on a sell signal.

RSI (13) on a sell signal.

ADXR at 16 and trending down suggesting to emphasize momentum-based indicators relative to trend-following indicators.

Volume trend hasn't expanded since the price low in August. Volume not confirming the intermediate-term trend.

Price above SAR. This is positive.

Price in the upper half of its Bollinger Bands. This is positive.

Price above its 200-day SMA and 17-day EMA. This is positive.

11 Negative, 4 positive, the rest neutral. Unless 36.71 is taken out with heavy volume, my bias is negative.

See http://img7.imgspot.com/u/04/293/19/QQQdaily102004.jpg