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Registered User
Joined: 1/22/2007
Posts: 16
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how about the QQQQ? any thoughts?
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Registered User
Joined: 12/7/2004
Posts: 393
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Wizetrd, tough question in this overbought market. A "5"% correction could begin any day. I'd sit this one out for now. 
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Registered User
Joined: 4/18/2005
Posts: 4,090
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As I see it We are nearing the upper average range of a sidewayse trading range. The high of which is around $45.31. Weve been in this mode for about 3 months. Honestly the longer it does this the less inclined I am to be watchign for short oportunities. Trading will be, or at least is usually for me, choppy and spotty untill it breaks one way or the other. It could still drop as low as $42.88 and still be in a sidewayse consolidation. It's going to be tough to call... but I find that all the doom and gloom is a great buy signal. Seriously though TSV has started making higher highs on a daily chart but it is still averaging down hill since Octoberish.
As far as tomorow it could go either way because it is just past the mid point of the consolidation. I personally would not be inclined to trade it till it got closer to the extreemes, Long around $43.60 and short around here or higher, bear in mind that these long consolidations eventually are broken through. I personally think that this one will break up. the lowest low of this consolidation ran into downside resistance of "demand" at the highs of the consolidation prior to the last intermediate down turn. This means that it was supported there. also if you look at volume and pick it apart it seems like there is a little more green vol vs. Red vol for this consolidation, marginally.
Well basically I don't know what tomorrow will do but I think this range will break up. but I am often wrong. Dont trade on my advice.. just think about it.
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Registered User
Joined: 1/29/2005
Posts: 104
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The Russell 1000 index is a leading indicator for what's going to happen to the Nasdaq (and therefore the QQQQ). This index had a hammer at its resistance on Friday.
I'd say look for confirmation today or early this week for it to start trading down... If it breaks up through resistance, it should be a very bullish week ahead.
Good trading!
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Registered User
Joined: 4/18/2005
Posts: 4,090
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I never knew that about the Russell 1000. I just look at teh q's and compqx and make decisions accordingly. I'lhave to look into it.
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