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Strategies & Market Trends : Ask Vendit Off-Topic Questions -- Ignore unavailable to you. Want to Upgrade?

To: Sirius_Rich who wrote (4954)	2/14/2005 12:47:49 PM
From: Walkingshadow	Respond to of 8752

Oh well.... Look for something else maybe. Of course, nobody would call you foolish if you park it on the sidelines and wait for a better opportunity. T

To: Sirius_Rich who wrote (4954)	2/14/2005 10:53:47 PM
From: Walkingshadow	Read Replies (1) \| Respond to of 8752

Looking at the trading today in QQQQ: First, volume was very low compared to Friday, and was only about half normal volume. Volume in the other indexes was low as well. The divergence between the Nasdaq and the $INDU and $SPX continued through most of the session, with the latter two spending most of the time in negative territory. QQQQ headed up to test overhead at $38.00 midway into the morning session, but was turned back at $37.94 and never again challenged that intraday high. QQQQ finally rallied a bit late in the session to close at the 40 ema above, which lies just under the $38.00 resistance level: 139.142.147.218 Short-term market internals relevant to the $INDU and $SPX indicate further downside here beginning tomorrow. $COMPX and QQQQ are a step behind. Also, although volume was anemic, the patterns today were somewhat bearish, and that only adds to the bearish volume generated on Friday that the market has not reacted to yet. This means that when QQQQ finally responds to this pent-up downside pressure, the move could be quite strong. I think this will begin very soon, probably tomorrow. Intraday chart suggests this may begin at the open: 139.142.147.22 At the moment (11pm ET) index futures are trading down or nowhere, oil is substantially above $47, and the dollar is looking weaker. I see little bullishness there. Asian markets are mostly in the green, but not by a lot. So I anticipate we'll see the medium term correction resume tomorrow early in the session, perhaps from the opening bell. QQQQ may not even bother with another run at strong overhead resistance beginning at $37.97 now (40 ema) and getting more intense above $38.00. T