Steve, i just realized the charts i have been looking at do not have a MSFT dividend correction for the QQQQs. now that i have studied the "stockcharts" chart,which is corrected for the one time dividend, i see quite an interesting convergence of the 200 dma with the 50% retrace of the move from aug 04 lows to dec 04 highs, around 36.18. i will be nibbling there, ...that would be 1468 on the NDX.
also, do you really believe we could have a meaningful rally prior to the iraqi elections, especially since zarquawi has declared a "war" on the iraq vote ? as much as i believe the mkt is oversold, there's not much buying till the sentiment improves. january is toast anyway, so no pressure on funds.
having said that, one thing very odd i noticed. the OIH has struggled to close above the mid point of the daily candles for 5 days running, trying to breakout to new highs. it is also oversold on all my MTF indicators. just something to mull over.
good luck staying long. i have been stopped out three times already, within the last three days, trying to catch the elusive bottom on the QQQQs.
ek
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