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Strategies & Market Trends : Jim's Nasdaq100 Special as a basket. -- Ignore unavailable to you. Want to Upgrade?

To: chartseer who wrote (1058)8/11/1999 11:07:00 PM
From: OX  Read Replies (1) | Respond to of 2103
 
Hello,

Someone recently told me that you could trade options on QQQ and since then I've been reving my tools to do so. Happened on this thread and wondered if there is some significance to the 10DMA relative to the QQQ BP.

10DMA seem to be popular w/ other (PnF) indicators (HiLo and A/D come to mind). I looked at earlier data, and w/ some fudging one might use it as a 'sell' signal when the BP dipped below the 10DMA and 'buy' when it peers above it--although that's obviously too simplistic. I would appreciate it if you could elaborate a bit on how you use it. (Feel free to tell me to look elsewhere if this has already been discussed, but I could not find it).

Thanks.

Oh... and if anyone has experience trading QQQ options vs NDX options, I wouldn't mind hearing how that compares in general. (And I thot the SP500 was getting overkill w/ all it's trading vehicles... NDX is one up-ing them on this one :-)



To: chartseer who wrote (1058)8/15/1999 8:21:00 PM
From: Smooth Drive  Read Replies (1) | Respond to of 2103
 
Hello Seer,

You haven't posted since the 11th. You doing OK buddy?

                                            *
122                                         X *
120                                         7 O *
118                                         X O
116                                         X O
114                             X           X O X
112                         X   X O X       X O X
110                         4 O X O 5 O     X 8 X
108                         X O X O X O X   X O X    
106         X           X   X O X O X O 6 O X O
104     X   X O         X O X O X O   O X O X   +
102     X O X O X   X   X O X O X *   O X O   +
100 X   X O X 2 X O X O X O X O X   * O X * +  
99  X O X O X O X O X O X O X O X     O X + * < BRSL
98  X O X O X O X O X O X O X O       O *
97  X O X O   O   O X O X O           +   *
96  X O X *       O X O X *                 * < BRSL
95  X O X   *     O X 3 X   *                  
94  X O X     *   O   O       * < BRSL        + < 1st BLRL
93  1 O X       *   +           *           +
92  X O           *               *       +
91  X           +   *               *   +
90  X         +       * < BRSL        +
89  X       +           *           +   *
88  X     +               *       +       *
87  X   +                   *   +           *
86  X +                       +
85  X                       +   *
84  X                     +       *
83  X                   +           *
82  X                 +               *

BulLish Support Line (BLSL); BulLish Resistance Line (BLRL); BeaRish Support Line (BRSP); BeaRish Resistance Line (BRRL) and High Pole Formation (HPF).

Big time resistance from the previous all time horizontal high at 122; the 3rd BLRL off the bottom at 128 and the unofficial BRRL waiting at 120. The chart is still long term bullish (trading above the BLSL down at 84) and short term bullish (on a buy signal at 110). I've drawn in a revised BLSL for support and you can see it sitting at 104, along with previous horizontal bottoms.

QQQ BULLISH PERCENT CHART

The grand ole P&F Sicilian Master Chartseer has been keeping daily QQQ Bullish chart data since 3/12/99. The daily chart looks like this: 

74             X       7   X
72             X O     X O X O
70 X           X O     X O X O
68 X O     X   X O     X O   O
66 X O     X O X O X   X     O
64   O     X O X O X O X     O
62   O X   X O X O X O X     O
60   O X O X O X O X O X     O 8
58   O X O X 5   O X O X     O X O
56   O X O X     O X O X     O X O
54   O X O X     O X O X     O   O
52   O X O X     O X O X         O 
50   O X O X     O X O           O
48   O X O X     O X             O
46   O X O X     O X             O
44   O X O X     6               O
42   O X O X                     O X
40   O   O                       O X
38                               O X
36                               O

This DAILY Bullish % chart is in Bear Correction risk status.

Now here's a 10 Day Moving Average Bullish % Index of the same data but only through the 11th. Because it's a 10 Day Moving Average, it might not have reversed up. It's in Bear Confirmed Risk Status.

74
72           X
70           X O
68           X O 
66       X   7 O
64       X O X O
62 O     X O X O
60 O     X O X O
58 3     X O X 8
56 O X   5 6 X O
54 O X O X O X O
52 4 X O X O X O
50 O   O   O   O
48             O


BULLISH PERCENT RISK STATUS DEFINITIONS:

BULL CONFIRMED: Occurs when a column of X's moves above the previous column of X's.

BULL CORRECTION: Occurs when a column of X's in Bull Confirmed risk status reverses down to a column of O's and 1) does not move below the previous column of O's, or 2) reverses down from above the 70% level but does not move to the 68% level or lower.

BULL ALERT: Occurs when a column of O's in Bear Confirmed risk status drops to the 30% level or lower, and then reverses up to a column of X's and does not move above the previous column of X's.

BEAR CONFIRMED: Occurs when a column of O's moves below the previous column of O's.

BEAR CORRECTION: Occurs when a column of O's in a Bear Confirmed risk status reverses up to a column of X's, and does not move above the previous column of X's.

BEAR ALERT: Occurs when a column of X's in Bull Confirmed risk status moves to the 70% level or higher, and then reverses down to a column of O's that drop to the 68% level or lower, and does not move below the previous column of O's.

NOTE: The above is just for grins and chart discussions. No recommendations of any kind are being made or suggested. Everyone needs to do their own DD or seek professional help when making investment decisions.

Take care,

Eric



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