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

To: Gush who wrote (7750)	4/13/2005 2:29:32 PM
From: Walkingshadow	Respond to of 8752

<<Q's look to explode upward ASAP! I base this assertion on the following evidence:___________________ (fill in the blank) Q's are indeed exploding. Downward. QQQQ trading just above the LOD ($36.11) at the moment. Continued explosion (downward) to test $36 looks inevitable. T

To: Gush who wrote (7750)	4/14/2005 10:35:44 AM
From: Walkingshadow	Respond to of 8752

<<Continued explosion (downward) to test $36 looks inevitable. >> As predicted, $36 was tested, and QQQQ is now trading significantly below that at about $35.70. I've said it before, I'll say it again: QQQQ is in a medium-term downtrend that began in late December and continues unabated to this day. There will be modest rallies periodically, but QQQQ is heading for $35. At that point, reversal becomes increasingly possible. Over the last several months I've posted about a zillion times here that all indications point to a reversal in the zone right around $35, and that QQQQ will NOT reverse until it drops to that level. But hitting $35 is a necessary condition, not a sufficient condition. It just makes it more likely that we will begin to see some real signs of reversal that characterize market bottoms and trend reversals. When these signals actually appear is another matter... the market could simply move sideways until they do. But I can't see $35 being broken to the downside and confirmed, except for brief excursions below that point that will almost certainly be met with a wall of volume. That volume will constitute evidence for impending reversal, and the magitude and persistence of that kind of volume will be critical. How this develops cannot be predicted easily, and so remains to be seen. BBs will get pushed open to the downside with a move to $35 within a week or so. I am still short, with no plans to cover even though I expect a modest rally later today with a close around $36 or so. T