The Nasdaq 100 (QQQQ) has broken through the 1:1 descending Gann line and looks set to run to $50 or $51.50. The market seems weak based on the internals, but the price/time charts are looking better every day.
Chart courtesy of Stockcharts.com
Post Modified: July 3rd, 2008 at 12:26 am
Tags: Gann Angle Fan · Price-Time Balance · QQQQ2 Comments
2 responses so far ↓
there is no volume though….yesterday had 70% of 3 month volume, and today doesn’t seem to be too high either….
i do have a sense of investors being placed to be milked soon…
btw, very nice calls on the march bottom and the runup…I should have kept some of those qqqq calls open…. I guess that also makes me a bit aprehensive of july-october, as finding stocks in corrections is quite tough…
Kurt - lower volume on the SPX today and higher volume on the COMPQ. I really think the options boyz are playing games to make the most money before expiration due to the lower volume.
I disagree with you about finding stocks in a correction being tough. I think it is the easiest thing there is to do related to investing. Finding stocks after the market is up for a couple weeks is much more difficult for me. I guess if you mean finding stocks to go long in a market correction is tough, then yes it is. The easy answer is never buy stocks when the market is in a correction phase.
I will create a list for those with premium subscriptions during the correction into October. I see nothing to buy now, except for short term trading.