Discussion in 'Trading' started by SuzeQ, May 21, 2008.
Q Trader still bullish so selling financials (WM) and buying NASDAQ 100 QQQQ on dips.
And your reasoning? No problem with being bullish or bearish but The S&P is still below its 200 day sma. And economic fundamentals still deteriorating. Does not that give you pause? Of course you did not mention a time frame and there will surely be many nice rallies of a few days duration as we move back to the bottom of that very broad downward sloping S&P channel. If we break above the the 200 sma and then close above it making higher lows several days in a row on good volume i'll start thinking bullish longer term..
It is hard for a trader to swim against the market and it is hard for the market to swim against the broad economy.
There are sectors that may be bullish. Oil and other commodities, health care, consumer staples. And sectors that don't look so hot: banking, airlines, real estate, car companies, consumer discretionary. But QQQ ???
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