Today the bullish run up is very impressive, bulls really win. I hope bears don't get burned.
- The DASDAQ chart shows a bullish flag breakout, need to re-confirm, but very possive sign
- As mentioned before[1], either 1773.13 or 1664.19 are important points, breaking out either one will bring in a strong moving wave, so far, it seems 1773.13 will be broken out and make a NAZ new higher high than 1773.
- IF QID can not hold above 35 well, it will drop more. IF FAZ can not hold above 4.5 well,it will drop to the $3 level. So be careful, if you are holding them.
- PPCO as mentioned before[2], very possible to break out 2.2 once the volume surges! So keep watching it.
[1] NAZ 1773.13
[2] PPCO
Nice and clean charts. Thanks.
ReplyDeleteReally hard to chart 2 and 3x inverses.. I try to use those only for long holdings.
ReplyDeleteBut I agree. a break down in QID (which means a breakout in QQQQ means QID may test $33.
A break down of FAZ at new 52-week lows.. may hit a lot of stops and drop it more.
Look at volume.. again volume for today was lower then the last 12 DOWN days (not including friday which was leading into a 3-day weekend).
Once the bond bubble pops.. ugly.. just plain ugly.. be sure you're in TBT.
Sold some options on my CMO position, already have options sold on my NLY holdings.
GOLD is still shooting out the sky (no surprise.. look at the scare around the USD and Bonds).. Also why oil has been going up.
QID .. a little pain point right now.. but with some nice option games.. (today at 38 strike.. and buy back for a hefty gain thanks to a major decline) has lowered my "break even", but my avg is still a bit away (i have no fear about hitting it though)..
TBT is my next subject, along with SRS (after its murder today).
I can't go long in too many things right now because of fundamentals.. Sold all my shares of BIO today at a nice gain. Hope to get back in on a drop to 65. Hope I can also get back into RIG as a long term play (Transocean Off Shore Oil Driller)..
GLTA .. Trade Often.. and Trade Smart.. and remember.. when you lose, it's just the price you pay for gaining something in knowledge (like today.. I went against my thought of NOT putting in a limit buy until POST consumer confidence.. and boy did I pay.. haha).
Tomorrow .. is a new day.. with a nice gap down. and hopefully flat housing data.. i'll be on the road back to 40 on QID
Ben,
ReplyDeleteI am using NASDAQ chart to do the analysis now. See the daily NASDAQ chart above, today's volume is ok, IMO.
Good luck to you.
Tiger
Tiger,
ReplyDeleteYes volume was OK today but I believe still below 50 day average.. QQQQ hit 110% volume. but still lower then the down days.
We have bills tomorrow.. and bonds next week I believe.. might get ugly. Look at the yeilds.. 10-year over 3.5% ..