Yesterday, the Powershares QQQ Trust (QQQQ) tested the recent low and made a high volume run at the 1:1 Gann Angle. The second attempt is usually easier than the first try at breaking a significant angle. As before, we need confirmation before getting too excited on the long side. Strangely, the breadth of my mechanically generated top 100 stocks was terrible. It could be that this list contains too many energy stocks that got hit yesterday. If that happens for a few more days, then they won’t be on my list anymore.
Chart courtesy of Stockcharts.com
On a personal note, I have been very busy recently with my day job, T-Ball, watching local minor league baseball, cub scouts, and other family matters. I will try to respond to comments but may not have time for the next week or two.
Post Modified: July 3rd, 2008 at 12:02 am
Tags: Breakout · Gann Angle Fan · QQQQ · Volume1 Comment
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[...] should have paid more attention to my bad breadth readings yesterday. I tried to “explain” them away and that never works out for the [...]