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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 (703)	6/8/2005 1:05:59 AM
From: Walkingshadow	Respond to of 4814

I think going long is crazy... professionals buy into weakness, and sell into strength, they don't chase things. And the evidence that they are doing so (and have been doing so) is the volume spikes when the market rallies, and the relative lack of similar spikes when the market moves down. This imbalance has built up now over the last 10 days or so, after a dramatic surge of volume at the end or April/beginning of May that represented professional accumulation that fueled this rally in the first place. QQQQ is overbought, was turned away from resistance, and there are technical sell signals in place that are confirmed by MACD. Furthermore, QQQQ failed at chart support today, forming a very bearish candle in the process. 139.142.147.218 stockcharts.com[w,a]daclyyay[dc][pd20,2!b200][vc60][iLk14!Lyb20,2.0]&pref=G BB width was blown open to an extreme, and has already started contracting towards more reasonable width, which should require that upper rail to come down. The only way that can happen is by QQQQ moving sideways or down. I don't see any case at all for taking a long position under these circumstances. T