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Strategies & Market Trends : Playing the QQQQ with Terry and friends. -- Ignore unavailable to you. Want to Upgrade?

To: J.K. who wrote (9)	5/11/2005 12:08:56 PM
From: Walkingshadow	Respond to of 4814

Check out the $SOX: Long term chart suggests a move down to the 350 region: 139.142.147.218 But look how contracted the BBs are, and the $SOX is sitting just above chart support. stockcharts.com[w,a]daclyyay[dc][pb50!d20,2!f][vc60][iLyb20,2.0!Lp14,3,3]&pref=G 139.142.147.218 It is too soon to tell, and the technicals suggest downside here, and also the $SOX is overbought (but not extremely overbought). But that said, I think there's a reasonable chance we could see the $SOX reverse when it hits chart support, then blow that upper BB rail open. That makes a short position in QQQQ prohibitively risky at this point. T

To: J.K. who wrote (9)	5/11/2005 2:39:29 PM
From: Walkingshadow	Read Replies (1) \| Respond to of 4814

JK, QQQQ charging hard now, volume really picked up, now greater than average. But the volume patterns indicate some selling into the close will occur over the last hour or so of trading.... I sure hope so, right now we are in the green, with QQQQ printing $34.95, up $0.18 on the day. T

To: J.K. who wrote (9)	5/11/2005 4:45:12 PM
From: Walkingshadow	Read Replies (1) \| Respond to of 4814

Wow, that was a bit scary. I told myself a week ago I was just gonna hold the long position and forget about trying to scalp a quick short as QQQQ traded down to support, and I posted that too. And today exemplified the reason why I developed that plan in the first damn place: I figured the dip down might well be short and sweet, and QQQQ would find a swarm of buyers, and then the rebound upwards would be rather sudden and strong. But... I tried to get a little too smart. Most of the time when I lose money, that's how it happens: I break my own rules. Sounds so simple don't it?----just follow the rules!! This time I managed to get a bit of profit out of that quick short trade, maybe 0.5% or so, but I think I really dodged a bullet there. T