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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 (993)	6/23/2005 8:46:05 PM
From: J.K.	Read Replies (2) \| Respond to of 4814

...today was a body-blow to the markets, thanks to herry iball -g-: DOW - bye, bye 20sma and 100sma (had been above the 20sma for 4 weeks solid, and cut through the 100sma like butter): stockcharts.com[h,a]daclyyay[dc][pd20,2!b100!f][vc60][iUk14!Up14,3,3]&pref=G SP - 4 weeks above the 20sma, no longer: stockcharts.com[h,a]daclyyay[dc][pd20,2!b100!f][vc60][iUk14!Up14,3,3]&pref=G RUT - broke under trendline from mid-May: stockcharts.com[h,a]daclyyay[db][pd20,2!b100!f][vc60][iUk14!Up14,3,3]&pref=G QQQQ - if you combine last Friday's and Thursday's candles, you have a "falling three methods" candle setup, which is a very bearish formation. stockcharts.com[w,a]daclyyay[db][pd20,2!b100!f][vc60][iUk12!Up14,3,3]&pref=G NAZ - now below the 20sma, and after tapping the upper BB, now on the move to open the BBs to the downside: stockcharts.com[w,a]daclyyay[db][pd20,2!b100!f][vc60][iUk12!Up14,3,3]&pref=G SOX - this might be a problem (to the shorts), because it is above the 20sma for 3 days now, but this is one ugly gravestonish, shooting starish, inverted hammerish candle (point: it ain't going higher); plus it hit an upper R line: stockcharts.com[w,a]daclyyay[dc][pd20,2!a447!f][vc60][iUk12!Up14,3,3]&pref=G So, as we continue the dive here, I'm still 100% into my short position via Rydex Arktos (from about 1545 NDX) waiting for the NAZ to hone in on that 2005 gap: moviesounds.com J.K. ps: if we don't get another red candle tomorrow, and have an inside day instead, I'll likely close the short (reshort later) because that usually means back-filling of today's power candle for the next few sessions.