Hi Russ, promised you I would visit your Journal The classical tech analysis shows a break of a long term support line which may trigger 1310 for the start. Technically curent move looks like just a corrective bounce off the 1350 level after 4 days of firm selling. Stoch making a new low on dailies is also indicating we may go lower. I dont use Stochastic that much, more RSI, but ossililator may be in an oversold zone for quiet some time. Actually there is a whole method of trading when ossililator crossing an oversold zone is a sell entry signal and crossing overbought - a buy signal. Well, there is a lot more in that theory, but that is the main idea. Just my 2 c, I may be wrong - anyone may And then - the break of a trend line may occur to be false if we dont continiue the decline. Regards,
Rezo, I know you don't care about fundies, but there is just no reason to be very bearish. Dollar weakening is helpful to US companies. US stocks are cheaper to buy for foreigners. Bullish sentiment in the stock market makes buying the dips likely. Besides my cycles show a low around Nov. 24. next high around Dec. 8. Currently in a long term uptrend. Let the trend be your friend. uuggghhh, that phrase again?
Well, by nov 24 - there is enough time As for the longer term - it is possible that we are in a bullish market, but the break of that trend line is not a good thing in the near future. At least we need to see it being a false break, i.e. move back above the line.
Here's another thought regarding VIX. I just think right now is not a good time to position trade short.:eek:
Bought QQQ Dec. 32 calls at 2.95. Exit if QQQ drops below 34.03. Expecting an upmove in the market this week. Good trading all. Russ.
It looks like a good call so far. If QQQ shoots to 36 are you going to hold over holiday or you just bag profits now ? Walter