[madtrader]
Thu Dec 19, 6:45am PST QQQ
Okay, QQQ has retraced 62% of the move from Tuesday's highs to Wednesday's lows. I will take my longs off the table here. sold QQQ.
[madtrader]
Thu Dec 19, 6:43am PST market
I woke up finding a lot of bearish commentary from various technicians this morning. I don't know about you, I think people are just tired of the flip-flop of the past few weeks. It is starting to get to them. Since we don't have any follow-through of late, I don't see any real reason to be bullish or bearish. Being bearish is akin to saying that there will be a trend of some sort, that is exactly what we don't have right now. As I have suggested yesterday based on the Dec QQQ open interests reading, we will simply be stuck within a range. QQQ is running right now, but don't expect too much. none.
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[madtrader]
Wed Dec 18, 1:22pm PST LLL
I have been barking for a while that there will be no war. Of course I could be wrong. Looking at the action in defense names today, only LLL went up on above average volume. Coupled with a bullish engulfing day as well. So, if you want to speculate on the prospect of a war, this is one name worth considering. none.
[RumorDude]
Wed Dec 18, 1:20pm PST $GOX.X
$SPX.X
I'll view todays action as a further confirmation of the symmetric triangle breakout. The nice thing here is that these moves are also backed up with the gold price chart as well. To me, it look like another 10% is likely over the next few weeks. none
[madtrader]
Wed Dec 18, 1:10pm PST QQQ
ORCL delivers and tech names are moving up in afterhours. Although I am long QQQ, I am not expecting any real fireworks tomorrow. Looking at Dec QQQ options, again, bulk of the open interest are clustered around 26. So that will be the upside target tomorrow, as I don't expect the market to move beyond 26. none.
[madtrader]
Wed Dec 18, 10:44am PST QQQ
Looking at open interest figures on Dec options, one can clearly see that bulk of the put option is around the 25 level. Therefore, despite the look of the intraday charts, I don't believe we will break Friday's lows, which is around 25. Otherwise, the tape will make too many traders happy. We are simply stuck range bound. none.
[madtrader]
Wed Dec 18, 9:14am PST QQQ
$SOX
Yes, we are having a small bounce from the lows. But again, the pace is uninspiring. What troubles me is the look on the charts, bunch of bear flags. SOX has the most obvious of the bunch. So another retest or even break of the morning lows is likely. I am having a tight stop with my longs here. Of course, even if my longs proves correct, I don't expect anything more than a 62% retracement from yesterday's highs. Which takes this tape back and fill the morning gap. none.
[madtrader]
Wed Dec 18, 7:57am PST QQQ
I don't believe Friday's lows will break this time around. So I will get back on the long side here. long QQQ
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