Phoenix, Thanks
I think there may be some more gas left in this rally, although very little. My gut tells me that we are in a nasty down trend and that rallies should be sold (I guess meaning Friday was the day to dump, but that a rally into the INTC news may be more distribution.
I am not a daytrader, I last bought the QQQs in the $43 range, held through the drop in April and sold at $46.5. I don't mind being underwater for a while, I'm trying to build a position and trade 30-50% of the shares to manage the overall cost basis lower. Most of my trades are small $3-6K (small potatoes for this board, I'm sure), but that has kept me out of any trouble. I think the QQQ have a moderate chance of bouncing off the 50 DMA (which is near where the small gap is), if they go down the tubes, I'll go long again at COMP 1950, 1890 & 1760.
Actually had another GTC at $39.88 (1 cent away) but Schwab did not fill it... More luck than science in my case, I just thought that $40 was a key psychological point and that if it fell, I could scalp an extra eighth.
Good Trading |
