The Powershares QQQ Trust Index (QQQQ) has closed for the last 13 days without price closing below the previous day’s low. This is a sign of strength but also a sign the market is overbought. A short to intermediate term rest is expected at this point.
Price touched the low of the previous day briefly on the 14th and closed a few pennies down on the 17th. Otherwise, price has been moving straight up for over two weeks.
what worries me about that blow off top is everyone expecting it, but hey the MMs can still make it happen. Especially that all indexes reachded areas of stiff resistance dating back to 2004… but on the othre hand maybe the dudes who bought back at those troughs capitulated back in March .. in which case it will keep moving higher to next level of resisatnce untill one holds .. now which one will it be?
There you go … Blast off of space shuttle Bernanke
R, you just have too much time on your hands…LOL:) Come on over to ohio and I will put you to work….It has been a crazy fall already, I can’t tell you how many people want to haggle over prices and try to get me to sell lower….amazing right now…but sells are the best they have been in 10 years..now does that tell ya something! Most have no $$ in their pockets to spare…the stimmulus package must have never reached them. Hummm seems like only the Banks have $$…
OK, looking at retrace of S/P to 1030 area, if it breaks that then we might be in for a nicer retrace but we have to break 1005 to set us up for the big retrace of 666….right back to the devil’s ##’s, I bought to the dark side a little early but I have not given up the ship and I have slowly purchased a few extra shares of SDS over the past 30 days or so….the law of averages have to come into trade when your sleeping thru most of the fun. I have also had some super luck with some biotechs that I had purchased and kept… ALTH, DVAX. I also got on board with AIG, and it really came thru like a bolt of lightning for me… I was actually scared when I saw how fast it climbed so I started taking some profits…I am out of all of these trades as of Mon. but I like the dollar right now and I still like gold. If we dip to 1030 and hold I still see 1121 as the new high….have a good day lib.
I hear ya, Libby. I’ve been working too many hours at my day job to keep up with all the quantum jitters of this market.
Oh R, my 144 is on 30th, is that what you have? also have major move for Dollar on that day! Phi Mate turn is on 25th, and Major move for S/P on 28th…all so close together, and so many markets turning at once….hummmmmmm
Hey Libby, I started my count from day after 3/9/09 .. so maybe our difference was that, and maybe I am doing it wrong. I got Oct 1st as 144th after bottom.
RIMM will give the Bulls some worry for tomorrow, that thing is down almost $10 in after hours on heavy volume.
Best wishes with your sales. I never knew what you did before now. I must have missed few of your posts.
Well, I guess Space Shuttle Bernanke had to come down for refueling? .. or serious repair?
Bears need one more down day on $COMPQ to confirm trend reversal, that is according to Trader Vic’s old methods .. which or which might not apply anymore.
Should have explained better .. 1 more down day to make it 4 in a row. So if Monday closes down then according to that method it confirms trend revesral.