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Strategies & Market Trends : Playing the QQQQ with Terry and friends.
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To: J.K. who wrote (1021)6/25/2005 5:19:53 PM
From: Walkingshadow  Read Replies (1) of 4814
 
Yeah, I saw that volume spike in QQQQ:

139.142.147.22

Some of it could have been short covering. No doubt many shorts were looking to close their positions before the weekend, and also the last minute of trading there was a huge spike of volume (MOC orders I suppose, likely short covering too).

But most of that afternoon volume looks like buying to me. On the index itself something similar occurred, except it started just after 3:30pm and lasted for about 20-30 minutes. So there's buying not just into the derivative (QQQQ) but also into the underlying stocks.

This was much smaller than the buying we saw on Thursday. This is the kind of thing that is going to end this pullback. In fact, I suspect this is the beginning of the end right here.

There's not enough buying yet to stop the downtrend, but I suspect we will see more of this kind of thing next week. If so, I will be looking to cover.

T
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