NDX tested the April low. What next?
askresearch.com
We may have a problem here. This traders is looking for NDX 1000. That is a 30 percent hair cut from here. If traders start to pick up on this type of thinking we are in real trouble.
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[RumorDude]
Fri Sep 7, 2:02pm PDT Rate Cut Rumors
There was indeed a meeting on Sep 4 to discuss interest rates as shown here. I suspect it is likely any action to be taken from there would have been taken already. Also keep your eyes on the fed meeting schedule. none
[RumorDude]
Fri Sep 7, 11:53am PDT QQQ
$BTK.X
We'll do some cheap "out of the money" speculating on both of these here, mostly for the end of the day. Buy to open Sep 38 QQQ calls, Buy to open Sep 540 $BTK.X calls, Sell to open Sep 480 $BTK.X puts.
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[madtrader]
Fri Sep 7, 11:46am PDT $NDX.X
Could this be it? Looks like the short sellers are finally taking their profits. So I won't read too much into this first leg of the bounce. However, anxiety levels will build if they can hold the bounce. Both from people thinking NDX has done a "successful" retest of the April lows, and from those who just don't want to miss the train. You know, the April/May kind. Quite frankly, I am simply playing for a bounce here. As I don't believe old supports fail at their first try. But we are not in a bull market, and supports are only temporary. I have stated a long time ago that ultimately we will see NDX 1000. none.
[madtrader]
Fri Sep 7, 11:31am PDT $DJI
As confident as I am about NDX, I don't think DJI has exhausted the selling just yet. Maybe for today, but the 14 day RSI is still a bit above 30. Far from deeply oversold. All it has done is to play catch up with the selling of tech names. none.
[madtrader]
Fri Sep 7, 11:29am PDT Fed
Humm. Funny that I am actually hearing rumors about Fed rate cuts now. This is no joke! Rumor has it that CSFB is saying the Fed has at least 3 more rate cuts to go. Or a minimum of 75 basis points! Is this an attempt to squeeze the shorts? I don't really mind, but it is kind of bogus. |
