[madtrader]
Wed Nov 7, 7:07am PST QQQ
QCOM
Rumor has it that the US government has been engaging in market propping activities since the September resumption of trading. I don't know how much truth there is to that, even if they didn't, they sure made the bears feel like they are trying. Anyhow, the action out there is a bit nutty. QCOM was down a quick 4 plus points last night, and the afterhours trading sure made one feel this one has more downside this morning. But no! People want to buy dips! And QCOM at least had earnings to speak of. So it is down only a point or so now. That is not my thought process, but that is what I am seeing out there. Kind of reminds me of 1999. Liquidity trumps everything. So, I am uneasy about the tape, but the alternative could have been worse. none.
[madtrader]
Tue Nov 6, 1:15pm PST EBAY
Since I believe we are in a massive liquidity driven market, so valuation considerations is out of the window. I think it will just be a matter of time people want to migrate back to leading momentum names. EBAY has been under accumulation despite the fact price has come down 10 points from post September 11 highs. OBV reading is actually higher than when the stock was near 64. none.
[madtrader]
Tue Nov 6, 1:12pm PST FFIV
Outstanding breakout on heavy volume. Massive accumulation indicated by OBV. I think this one can go all the way towards the high 20s. none.
[madtrader]
Tue Nov 6, 12:50pm PST QQQ
Well, there is no if and buts about this rally. Nice volume, and about to close above yesterday's high. So, the $37 level will be support going forward. With names like QLGC, BRCD, MSFT leading the way with outstanding strength, I am going to have use the 1998 play book for this tape. Buy every dip and just let it run. I don't think we will get the retest and pause I have been looking for. They won't even give the bulls much of a chance to get in! long QQQ.
[madtrader]
Tue Nov 6, 11:48am PST QQQ
There is certainly a high probability that market participants look at this Fed news as the greenlight to get back in. I have been cautious due to the recent overbought nature of the tape. But I have to admit, the QQQ OBV has been bullish the whole time. So, if can close above yesterday's high, this tape could keep running for a while. Of course, QQQ's next target is the big round number of $40. none.
[madtrader]
Tue Nov 6, 11:45am PST QCOM
Humm, that was a sharp bounce after the Fed announcement, and we sold into it. Not too bad with point and a half gain in 30 minutes. I am hoping it will come back down again so I can sculp for the earnings play. Still seeing heavy accumulation. sold QCOM. |
