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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: dclapp who wrote (38435)	1/28/2000 6:43:00 PM
From: Jacob Snyder	Respond to of 99985

re: double-top on the QQQ: Maybe. But the late-January high was above the early-January peak, so we may simply be in a (wider) ascending channel. Or we might have made the left shoulder (and head) of a H&S. I'm going to finish selling all my QQQ puts, and cover all my shorts, when QQQ hits 160. Then, I'll watch from the sidelines and await events. If we decisively break support at 160 (the January bottom, and the mid-December resistance) then the next support is a long way down (129, where we gapped up at the end of October?). If support at 160 holds, in a convincing way, I may go long on QQQ.