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

To: Walkingshadow who wrote (580)	6/2/2005 8:45:04 PM
From: J.K.	Read Replies (1) \| Respond to of 4814

Terry, I completely agree with your comments about the unhealthy action of this market. You state better what I was basically trying to get at in this post: Message 21355199 Just as shorts have gotten killed with this ramp, longs are about to get killed on the looming selloff - this is an ugly snare being set. There are folks posting today who will not be posting a month from now because they acted with impatient greed - I've seen it before, in fact I've lived it. Any newbiies out there who are at a loss in understanding this market situation (this includes anybody posting questions like, "what do you think I should do?") trust me, do nothing but watch and learn - do not put your good money out onto this table, you'll end up with the loosing hand. As for the Qs, 15min chart shows ascending triangle w/ a 39 target (2112ish on the NAZ). 139.142.147.22 The story to watch though is the SOX (Terry mentioned days ago that this would be the leader). The problem for those expecting a quick selloff is this break of 35 on the SMHs: stockcharts.com[h,a]daclyyay[dc][pb9!b4!f][vc60][iUk12!Up5,3,3]&pref=G Triple tops are very uncommon, meaning more upside is likely here. More upside though, means the SOX would then hit its triple top at 450, implying again more upside. stockcharts.com[h,a]daclyyay[dd][pb9!b4!f][vc60][iUk12!Up5,3,3]&pref=G However, because this is a short covering rally (weak volume again today) the rules are different and less predictable. The 2100 NAZ is a good point for the market to take a break. I hope tomorrow we get a gravestone doji with a nice long, upper shadow, with plenty of volume to boot. If not, I'll just continue lying in wait to unleash the rest of my shorting ammo - currently I'm 20% short from around 2070 NAZ. J.K.