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Strategies & Market Trends : Playing the QQQQ with Terry and friends.
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To: Walkingshadow who wrote (477)5/31/2005 7:41:34 PM
From: J.K.  Read Replies (3) of 4814
 
Hey Terry,

...agree with you in that the "appearance" of a reversal is better now than ever since this ramp began (negative divergences on the 60mins, among other signs). However, I still think a spike to 38.50 (NAZ 2100) remains a VERY REAL threat. I too saw what IHSC asked you about, and reading your explanation furthers my thought that what is keeping us up here is mostly short covering. Otherwise, we would have had profit-taking selloffs. If the shorts don't get relief soon, than we'll get that last spike, I believe.

But, my personal plan has been to go 100% short if we hit 2100, OR begin shorting if we hung up above 2050 for a few days. Since we've been above 2050 for 6 days now, I began a 20% short position today. (note: I trade Rydex funds)

I'll increase this position as the story unfolds here. Once we fill that 2005 NAZ gap, I'll cover.

J.K.
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