Bears got the hope ? -close remarks




Bears got the hope ? Very possible, but still just some warning signs for the bulls, not confirmed yet. why ? because:

  • the NASDAQ still close above 200MA
  • the uptrend is still holding well
  • QID bounces back very nicely, but I am still waiting for its golden crossing to confirm its bullishness

Tomorrow is very important, if the bears can continue beating the bulls, then probably a new down trend will be in the forming.

So here is the conclusion:
  • the bullish trend is still holding well, but is in danger
  • For NASDAQ, watching 1773.13 and 1664.19, breaking either of them will signal a nice up and down wave.
  • regarding QID, unless the golden crossing is formed again, as I mentioned before, I won't consider to buy back again, at least for now.
To be honest, today's market reversal is a surprise to me. Although yesterday's comments [1] I have thought the intra day reversal. But this morning [2], and after lunch [3] in the market update, I totally ignored the intra day reversal. A lot of things need to learn from the market.

[1] intra day reversal

[2] this morning

[3] after lunch

Tomorrow the initial claims is expected at 640K, beat or miss could bring some energy to the market ...

but remember, price always makes news, not news make the price.

Have a good night and be ready for tomorrow.
at 5/20/2009 04:25:00 PM

4 comments:

  1. AnonymousMay 20, 2009 at 4:56 PM

    Thanks for sharing. I agree the bulls are still alive..

    ReplyDelete
  2. AnonymousMay 20, 2009 at 6:29 PM

    The market will drop,drop, and drop from now on...

    ReplyDelete
  3. Ben KevanMay 20, 2009 at 6:50 PM

    Interesting note is that they actually LOWERED expectations from 640k to 625k.. Wonder what the lowered expectation means. Haven't really seen it changed the evening before reports..

    Today's move down didn't stun me at all, only because it was high volume. If volume was low, then a move down would have confused me, since small money has pushed market up, and big money is pulling money out.

    A close down 11pts tomorrow on the NASDAQ would be a nice sign for holders of QID, or people looking to start going long on a tech stock in the near future (MSFT might be a good play in a few weeks), for a small gain, but minimal downside).

    I wouldn't be surprised if the NAZ see's 1699.99 at some point later this week (intraday at least).

    GLTA ..

    ReplyDelete
  4. TigerMay 20, 2009 at 7:12 PM

    Ben,

    I just checked that. yes. you are right. they lowered expectations from 640k to 625k. When I wrote this close remarks, the expect is still 640K. It may be a sign that the MMs want to drag market down tomorrow ?

    You know, for ER, in general,if lowered, then easily beat, then home run.

    I agree with you. The big volume today could be a concern.

    I like your comments and analysis. I also believe other blog viewers like your analysis very much as well. Thanks a lot for your sharing and contribution. If you want to post on this blog freely, not just comments, please let me know your email address so that I can add the permission for you.

    Regards,

    Tiger

    ReplyDelete

Subscribe to: Post Comments (Atom)