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

To: Gush who wrote (110)5/17/2005 8:33:08 AM
From: Walkingshadow  Respond to of 4814
 
Hi Gush,

Looks like we are in for a bit of a pullback to test support here.

Overseas markets were down moderately overnight, oil is at $48.50, and the index futures are trading down some at the moment.

Should be a modest gap down at the open, then I expect a test of support. More upside later in the week.

T



To: Gush who wrote (110)5/17/2005 8:36:56 AM
From: Walkingshadow  Respond to of 4814
 
PPI came in high this morning, but that was offset some by higher than expected building permits and new housing starts.

Basically a wash...

T



To: Gush who wrote (110)5/17/2005 3:58:19 PM
From: Walkingshadow  Read Replies (2) | Respond to of 4814
 
QQQQ blew past resistance from the 200 sma ($36.58) after the Treasury started making hardball statements about pressure on the Chinese to revalue their currency.

QQQQ is now trading at $36.71 near the high of the day, closing in on the next test at $37.00.

I don't think it will make it that far, and may well fall back below the 200 briefly before re-gathering itself for another charge upwards.

T


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