Hi Lefty
Real estate is cooking right now, so maybe all the sideline money will be buying real estate? I am now listing bank owned for Countrywide and most of the homes that are coming up are new homes built in the last 3 years. This is unheard of in the bank owned stuff. People who waited to buy are now being rewarded for their patience. Newer properties are getting multiple offers on them, so guess we will see what cycle we are in.
Technically in the markets we are above the 1380 huge support area, so on the daily you are correct. The least amount of risk for the long trade is at support with a stop on the other side. On the near term charts, we have sell signals on the Dow and SPX with a tradable short in the QQQQ, so hopefully you mean the QQQQ. I only short the weakest link which is the SPX right now using SDS. So I am short the SPX, Dow, and out of the trade on the QQQQ as I don't hold tradable anything overnight, even though with the influence of the other two indexes it would favor the short trade, too much whip-saw. If I get a sell signal on the QQQQ though, I am all in short. Then we have a possible 60 SPX pts to the downside to accumulate. If we get buy signals on the upside in all 3 indexes I am all in on the long side. I would note that on the daily charts the MACD has crossed over to the negative side on the SPX and is close to turning over on the QQQQ so watch the Mo factor. Basically I got a sell signal at the 1415 SPX and are still in the trade. Even though 1380 is a logical cover spot and greatest area of reversal, my signals are still on hold short, so that is noted, with stops moved to the buy signal. Basically closed half at 1384 SPX and holding the rest short. Will add to shorts or close long depending on Monday's move.....
Even though the site admin trades more, I am likely to make 2 trades a week.
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