The Powershares QQQ Trust (QQQQ) is nearing a minor time cycle on 07Nov. Price tends change direction or accelerate in the trend direction at these Gann angle crosses. Other angle intersections are at the end of November and in July 2009.
Tags: Gann Angle Fan · QQQQ14 Comments
14 responses so far ↓
Morning Andy, everything looks good, like the chart, Thanks. I expect alot of volatility coming up in the next few days. We are slightly oversold, but we are in a 3 up, so a slight pull back would help it get motivated again. Futures have been all over the place, at 3:30am they where down 190 on dow, 22 on S&P. so I did not expect to them up when I got in. I need to run some #’s, this should now take us into the “B” phase of the C wave, so we should make some easy dough on this if she gets inside of a good channel, she’ll go up and down with/in that channel, as you already know, Ok, have a good day Trader’s. I will dream about S&P 1050.
I forgot, the million dollar challenge on CNBC is getting ready to start again, Everyone needs to register, its alot of fun, I can’t do it due to family works for GE, but will try and help anyone who wants to go for it!!!!!!!!!!!!! Who knows Maybe One of You will be the lucky Winner!!!!
Libby - yes, that does look fun. But I don’t have time to do it right and always end up in the middle. It is worth the effort (million bucks) for those with the time though..
Any opinions on where the market might go over the next few days?
Fred, this is my opinion only! but we will just be all over the place, some will be taking profits others will be buying, basically its what I call Yo Yo trading….LOL!
Don’t think that is bad, check out LVS, and MGM, these two stocks are just butter on bread for a day trader,
Hummmmmmmmm check out the futures after fast $. $5 e-mini’s down large……..?????? later.
Andy/Libby,
After recent action do you agree that odds favor a bear market rally? And not a crash scenerio.
Are we looking for FTD day now after 2B in markets yesterday or was that Friday 24th? Thx
regards, Ray
Fred, My guess is an uptrending Yo-Yo. All indicators I see (including ones Andy posts here) tells me of odds favoring a bear rally. But those odds are based on day-by-day action and market internals so action in next week or 2 should tell us a lot. But if one waits for all these confirmations then price would not be as nice anymore. my 2 cents
regards, Ray
Libby,
I like the action in GS. The PV action of late looking good. I like it to hold above ~95ish tomorrow.
regards, Ray
Ray - My only opinion is that recent price action (since Oct 10) looks good. The market is putting in a low. Assuming we rally off this low - it doesn’t really matter if it is a bear market rally or wave 1 of 5 up. Price will eventually come back and test this level either way.
Thanks Andy. My record has it that you have been right much more then anyone
I know Andy does not care about being right as that would be a traders worst enemy. People lose their shirts waiting to be proven right in markets.
The point I was trying to make in earlier post was that it is information risk vs. price risk. The more one waits for all the information to confirm why a market is going higher then the higher the price risk is.
Not making new lows or refusing to stay at those new lows is enough information for many traders that it is worth the risk. So they are taking the “no information” risk at lower prices. Once information is out and the indicators cross, etc then the price is higher and hence is a higher risk. again my 2 cents.
regards, Ray