I'm short until I get stopped out or my target is reached. Let us see, in terms of QQQQ... - Close below 50 MA - Marathon of economic data starts tomorrow, market is too fragile for bearish data at this point since most are calling an omg, dare I say it, correction - Momentum has gone down - Slow stochastic - CCI Of course, I could be wrong but nothing my stop loss cant handle. Cheers.
This is what last weeks economic numbers looked like. Dont think they can get any more bearish then this: 1. The National Association of Purchasing Management-Chicago business barometer fell to 49.9 from 53.5 in October. 2. The ISM index fell to 49.5% in November from 51.2% in October 3. Private residential construction spending fell by 1.9% in October after dropping 1.4% in September, the latest evidence the US housing market has pulled back. 4. Orders for US durable goods declined by the most in more than six years and consumer confidence unexpectedly fell. Durable goods orders to US factories plunged in October by 8.3 percent, the largest amount in more than six years.
You are absolutely right but today saw no economic data, some M&As, oil down hard and it was a Monday. Let us see how tomorrow reacts. Nasdaq went up 1.5% today, going down half a percent tomorrow would still be a bullish week I'm looking for 50% retracement, wouldnt be surprised to see QQQQ at 43.90ish at some point during the day. Time will tell....
Nasdaq to 2800 by 2007? I think so. The dow keeps going higher. What hppened to double top 12000? TA is 99% o the time wrong cause people dont use it properly. There was no doubletop.
I would love to know that TA is wrong 99% of the time. Making money by fading it would be easy, then. Not so, though, not so. Probably 50% of the time !