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Strategies & Market Trends : Jim's Nasdaq100 Special as a basket.
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To: James F. Hopkins who wrote (299)4/8/1999 1:38:00 AM
From: Smooth Drive  Read Replies (4) of 2103
 
Hello Jim,

I think the QQQ is one of the greatest things to come along in a long time. Had it been trading back on 10/98 when it gave a double top buy signal -- well, big money was there. I'll keep you updated with a point and figure QQQ chart and the QQQ Bullish Percent as things develop.

QQQ CHART

114
112                                              X
110                                              4
108                                              X
106                              X           X   X
104                          X   X O         X O X
102                          X O X O X   X   X O X
100                      X   X O X 2 X O X O X O X
99                       X O X O X O X O X O X O X  
98                       X O X O X O X O X O X O X + < 2nd BLRL
97                       X O X O   O   O X O X O +
96                       X O X *       O X O X *
95                       X O X   *     O X 3 X   * < BRSL
94                       X O X     *   O   O
93                       1 O X       *   +
92                       X O           *
91                       X           +   *
90                       X         +       *
89                       X       +           *
88                       X     +               *
87                       X   +                   * < BRSL
86                       X +
85                       X                       + < 1st BLRL
84                   X   X                     +
83                   X O X                   +
82               X   X O X                 +
81           X   X O X O                 +
80           X O X O X                 +
79           X O X O                 +
78           X O X                 +
77           X C                 +
76           X                 +
75           X               +                             
74           X             +                     + < BLSL
73           X           +                     +
72           X         +                     +
71           B       +                     +
70           X     +                     +
69 O         X   +                     +
68 O         X +                     +
67 A         X                     +
66 O       + X                   +
65 O     +   X                 +
64 O   +     X               +
63 O +       X             +
62 O X   X   X           +
61 O X O X O X         +
60 O X O X O X       +
59 O   O X O       +
58     O X       +
57     O X     +
56     O X   +
55     O X +
54     O +
53     +

BulLish Support Line (BLSL); BulLish Resistance Line (BLRL); BeaRish Support Line (BRSP) and BeaRish Resistance Line (BRRL).

This chart was P&F trading range bound since January but is now in a very strong chart pattern. In addition to the big time spread triple top breakout at 108, it also signaled a catapult because of the triple top buy signal at 104 and then a double top buy signal at 108. Notice too the recent rising bottom. There is no previous horizontal resistance at this stage. The third BLRL (not shown) that was created off the bottom is at 108 and was penetrated on the 31st.

Now -- all that said, whenever I see a chart (stock or index) reaching its third BLRL I become very cautious. It's amazing how the BLRL acts much like a BB the way things bounce off them. This chart is long term bullish (trading above its BLSL) and short term bullish (on a double top buy signal that occurred at 104). Its bullish price objective is 118.

QQQ BULLISH PERCNET CHART

100%
98 
96 
94 
92 
90 
88 
86 
85 
84 
82  
80 
78 
76  4
74  X
72  X
70  
</Pre>
I just recently started keeping this chart and as you can see there is not much of a pattern yet.  However, of the 100 stocks that make up the QQQ, 76 of them are on a point and figure chart buy signal.  Whenever a bullish percent chart reaches 70% or higher it's considered to be overbought.  We get very cautious at these levels.

Take care,

Eric
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