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Strategies & Market Trends : Ask Vendit Off-Topic Questions

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To: Vendit™ who wrote (5968)	3/5/2005 5:14:25 PM
From: Walkingshadow	Read Replies (2) of 8752

I think the analysis was as good as anybody can hope for. I thought we'd see more downside in QQQQ last week, and that did not materialize to the extent I thought it would. I remember posting that there was only a small chance that QQQQ would get above $38.01, and an extremely low chance it would penetrate $38.14 except perhaps on a brief intraday spike. Message 21086667 I still see little to support a serious challenge to those same resistance levels, so basically my outlook for QQQQ remains unchanged right now. QQQQ still doesn't have enough momentum to overcome that tremendous resistance that begins above $38.01, and I don't think that will change until QQQQ trades down, working off resistive volume in the process, and accumulates a bigger pool of supportive volume. I haven't looked at things in any detail yet, so I might change my mind if I see something. But shooting from the hip, I think we are looking at downside with $35 as the ultimate lower target in the coming weeks, but there is a possibility that we could see a reversal at the first significant support level above $35. T

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