Market Update

It is a hard day for bears. The only hope this morning gained for bears has gone. QID lost the golden crossing and formed a dead crossing this morning. I hope you bears have unloaded part of your shorts when QID broke 38 yesterday,which has been mentioned in the blog several times. Don't worry, you will be able to buy back QID at much lower price than 38. Now I am looking forward to a new lower low for QID. It may break 36 any time from now on.

The correction from May 7 has ended. Today the follow through is so far so good. Let's see if Nasdaq 100 will make a new higher high with this wind up or just a lower high. IF lower high, I will start to build QID position again.

I am revising the morning's prediction, and think,now, the market will close up.
at 5/19/2009 01:23:00 PM

17 comments:

  1. AnonymousMay 19, 2009 at 1:36 PM

    Thanks a lot.

    ReplyDelete
  2. tryittryMay 19, 2009 at 2:07 PM

    Are you going to buy qLD? Thanks!

    ReplyDelete
  3. AnonymousMay 19, 2009 at 2:16 PM

    Thanks, Tiger, Market holding well on the SPX 5 min EMA 50, 910 is the support for now. Closing up is very possible

    ReplyDelete
  4. TigerMay 19, 2009 at 2:24 PM

    tryittry,

    I am not going to buy qld.

    Tiger

    ReplyDelete
  5. TigerMay 19, 2009 at 2:25 PM

    I agree, SPX 910 is a good support.

    ReplyDelete
  6. tryittryMay 19, 2009 at 2:28 PM

    Why?

    ReplyDelete
  7. tryittryMay 19, 2009 at 2:30 PM

    If market in up trend, why not join longs?

    ReplyDelete
  8. TigerMay 19, 2009 at 2:38 PM

    try,

    when long, I like to long individual stocks, when short, I like to short index ETFs. Just personal habit. no specific reason.

    Tiger

    ReplyDelete
  9. AnonymousMay 19, 2009 at 2:54 PM

    Looks like that QID has a very good support around 35.50-35.60, and would that be a good entry point? I just do not see a immediate breakout for NAS MA(200)

    ReplyDelete
  10. TigerMay 19, 2009 at 2:59 PM

    NAS MA(200) is 1721, already broken out. What do you mean: "I just do not see a immediate breakout for NAS MA(200)" ?

    QID might bounce back to above 37 tomorrow, then we have to see where it goes.

    I agree with you that QID has a very good support around 35.50-35.60.

    ReplyDelete
  11. tryittryMay 19, 2009 at 3:05 PM

    So, if tomorrow we got a small drop, we should buy dip? Thanks

    ReplyDelete
  12. TigerMay 19, 2009 at 3:13 PM

    try,

    It depends on your trading style,time frame and goal. For day trading or short term, yes. Always remember, market changes dynamically. So follow the trend is the king. Good luck.

    Tiger

    ReplyDelete
  13. tryittryMay 19, 2009 at 3:28 PM

    Hi laoda, you think this could be short term long, Not middle term? Thanks

    ReplyDelete
  14. TigerMay 19, 2009 at 3:29 PM

    Tomorrow two important issues:

    1. 10:30 AM Crude Inventories

    2. 2:00 PM FOMC Minutes

    could be very interesting day.

    Tiger

    ReplyDelete
  15. TigerMay 19, 2009 at 3:32 PM

    Try,

    I think the bulls may run to July/August. DOW may hit above 10000. Then the second leg down may come hard in Sept/Oct/Nov ...

    JMHO.

    Tiger

    ReplyDelete
  16. AnonymousMay 19, 2009 at 3:48 PM

    Tiger, it is possible to go to 10k but without a pullback, spx 82x , it can be very hard.

    ReplyDelete
  17. TigerMay 19, 2009 at 4:21 PM

    Of course, there should be some pull backs. We have experienced a pull back from May 7.

    tiger

    ReplyDelete

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