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

To: rab120 who wrote (338)	5/23/2005 2:42:33 PM
From: rab120	Respond to of 4814

P.S. I just forgot to say it was my personal opinion . I hope I'm wrong

To: rab120 who wrote (338)	5/23/2005 9:27:08 PM
From: Walkingshadow	Read Replies (1) \| Respond to of 4814

Hi rab, No, I don't think so. QQQQ is losing momentum, and there is quite a bit of overhead resistance just above $38. QQQQ banged against that a few times, and there were many who said that it would fly right through.... I was not one of them. QQQQ will clear $38 without doubt, but first it must re-gather itself with a pullback, consolidation, and a buildup of some volume support. Very likely it will slog through that resistance on the NEXT attempt, but not this one. It came very close today; the high of the day was $37.99. But what QQQQ found at those lofty levels was a surge of sellers, a head-and-shoulders topping pattern, and selling into the close: 139.142.147.22 Note particularly the deteriorating short-term technicals, especially the series of three peaks in the fast stochastics after 2pm, with each peak lower than the previous. That signifies evaporating upwards momentum here. T