BEFRIEND THE TREND Short-term Options Trading Thread Message Board

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Strategies & Market Trends : BEFRIEND THE TREND Short-term Options Trading Thread

QQQ 617.17

-0.3%

Dec 1 4:00 PM EST

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To: Dr. Stoxx who started this subject	5/16/2002 10:37:51 PM
From: Dr. Stoxx	of 4058

COMP weekly (weakly) chart: Naz futures are pointing toward a strong continuation of the short-term uptrend tomorrow; and for the past 3 sessions, the rule has been "buy the bloddy dip"...dare we hope for a major breakout summer-ish rally of this very weak index? It is within the realm of possiblity. But keep in mind that there is much in the way of overhead resistance to contend with: several key MA's, and a downsloping TL which puts the next major test in the 1900-1950 area. But there is much truth in the simple dictum: buy higher lows (see chart) - stockcharts.com[h,a]waclyyay[pd20,2!b50!f][vc60][iut!Um12!Lh14,3]&pref=G Key economic news this week has been mixed...and perhaps the best we can hope for is continued volatility which we can exploit for quick trades. We will continue to trade the momo's (high RSI's at or near breaks of annual highs) and short the obvious. After nearly 5 weeks of trading the $10k account, we are nicly en route toward the $100k goal. Stay tuned... PS: two bits for August DELL calls? And a strike that is clearly within reach if we get our expected break of 30+? You can't beat that risk:reward. TC

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