<< NAZ continues to follow TL down - closed about on the intermediate TL and the lower TL is just above the support level from the Apr low; give it a day or 2 and it should be there. >>
Patrick,
Welcome back. I trust that you had a nice vacation.
I hope that you are right about revisiting the April lows before the next bounce, but I "fear" we will bounce off of 1750 today, so I placed some GTC buys in to start trimming my short positions around that level.
Currently short NVLS, QCOM, QLGC, QQQ, MU, and MRK.
I am expecting Nas to bounce from 1750 to 1850 and then down to 1600 +/-. If 1600 fails to hold, then I am expecting a bottom around 1400. If 1600 does hold, then I think we are off to the races until reality sets in again.
By the way, how do you calculate your intermediate and lower TLs? Is this like that pitchfork thing? Do I need special software and parental consent?
What a wild ride! Enjoy!
Grace and Peace - gtc
P.S. Speaking of pitchforks, do you use candlesticks or bollinger bands much? (Sounds pretty violent, huh?) I have been reading up on candlesticks lately and now prefer them over standard bar charts. Some people were talking about the Three Black Crow pattern in the Naz, Dow, SPX, and maybe SOX today. Supposed to be pretty bearish. I will try to follow the trend until it changes. My 401K is comfortably in cash, so it looks like I can make at least 10% riding it back up to 2000. Maybe 25% if I can get in around 1600. That sure would be nice! Cash does feel good in this market. |
