Welcome Guest, please sign in to participate in a discussion. Search | Active Topics |

what do you all think the market will do this week? Rate this Topic:
Previous Topic · Next Topic Watch this topic · Print this topic ·
wizetrd
Posted : Monday, February 19, 2007 9:12:37 PM
Registered User
Joined: 1/22/2007
Posts: 16
how about the QQQQ? any thoughts?
laphill
Posted : Monday, February 19, 2007 10:22:57 PM
Registered User
Joined: 12/7/2004
Posts: 393
Wizetrd, tough question in this overbought market. A "5"% correction could begin any day. I'd sit this one out for now.
scottnlena
Posted : Monday, February 19, 2007 10:49:34 PM

Registered User
Joined: 4/18/2005
Posts: 4,090
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.
lpark
Posted : Tuesday, February 20, 2007 6:40:09 AM
Registered User
Joined: 1/29/2005
Posts: 104
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!
scottnlena
Posted : Tuesday, February 20, 2007 10:45:33 AM

Registered User
Joined: 4/18/2005
Posts: 4,090
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.
Users browsing this topic
Guest-1

Forum Jump
You cannot post new topics in this forum.
You cannot reply to topics in this forum.
You cannot delete your posts in this forum.
You cannot edit your posts in this forum.
You cannot create polls in this forum.
You cannot vote in polls in this forum.