ajtj's Post-Lobotomy Market Charts and Thoughts Message Board

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Strategies & Market Trends : ajtj's Post-Lobotomy Market Charts and Thoughts

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ajtj99

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To: Jacob Snyder who wrote (64855)	7/27/2022 1:14:27 PM
From: Jacob Snyder	2 Recommendations Read Replies (1) of 97457

Shorting QQQ: schrts.co. Since the November 2021 peak, every move above the 25dsma has failed. QQQ has never gotten 10% above that line. Tends to trough about 10% below the 25dsma. Around 315 was resistance at the June high, and support at the February and March lows. The largest bear market rally was in March, +17% (316 to 371). A 17% upmove from recent lows would take us from 269 to 315. The trend remains the trend until it has clearly changed, and that has not happened. The trend is down. So I am guessing, there is little upside potential, and a lot of downside risk. Started shorting today (using December $290 puts). Add on any further QQQ upmove. Load up if QQQ stalls around 315.

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