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Strategies & Market Trends : Longer-Term Market Trends

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From: AllansAlias	6/10/2008 9:51:05 AM
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These gap downs so often get bought. Thought I would post this as we wait for things to green-up. -g/ng I think there might be a good opportunity developing to increase my short exposure if we can bounce here. For my trading map to be correct, tech has to catch-up -- be weak compared to non-tech. It was doing that lately. If we build an overlapping rise out of yesterday's low, I will add to my short from May 29. Here is a QQQQ 60min. We are in between the two maps now, at a nice minor inflection point. I am thinking this will be a correction, as shown in this chart: It should turn over in that orange line and violate the top of the putative 'i' above, which is yesterday's closing high (shown as red dashed line). The orange line would not be the extent of it, as it would continue to new lows, per the overall map I am following for weeks now that has us going lower everywhere. If QQQQ were to close above that blue trend line, then I am likely wrong. The bullish case says where ending a correction yesterday and now should rise up to new highs (i.e., over QQQQ $50.60). That will be favoured if we regain that trend line imo.

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