Playing the QQQQ with Terry and friends. Message Board

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Strategies & Market Trends : Playing the QQQQ with Terry and friends.

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To: Gush who wrote (29)	5/11/2005 10:01:15 PM
From: Walkingshadow	Read Replies (1) of 4814

LOL! Well check out the candle today, and notice the shadows hanging from the recent candles: stockcharts.com[h,a]daclyyay[dc][pd20,2!b200][vc60][iLyb20,2.0]&pref=G There are no sell signals, but QQQQ is hovering just below the first resistance level, and it is a very significant one: 139.142.147.218 A break above 36 will mean that the medium-term regression channel has been broken, and this will happen---the only question is how soon. Tomorrow will be an important day. There was a large surge of volume as QQQQ that caused me to cover my short and switch to long. This market will move up, however going into the close there was another surge of volume that negated the one in the morning. 139.142.147.22 So, we could see a bit of downside before QQQQ tests resistance, but if so, it won't last long. I think that test of resistance will be successful. Market internals favor short-term upside here. So most indicators show QQQQ moving up from here through resistance, but the one thing against that is the volume surge today as QQQQ rallied. Sooner or later that will have to be worked off, but everything seems to be shaping up pretty well here. T

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