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Strategies & Market Trends : Cadaver's picks -- Ignore unavailable to you. Want to Upgrade?

To: TDRKZs who wrote (26)	8/6/2007 10:05:57 AM
From: Cadaver	Respond to of 43

In general a 50DMA support or 200DMA support is a guideline, not an exact support/resistance line. The market indicated its support for QQQQ when it went up two straight days 8/1 and 8/2. On 8/1 most of the price appreciation was in the last two hours on high volume, which is a sign of professional buying. 8/3 was down on lower volume, but also on the last two hours, so its professional traders booking profit from their buys on the last two days and maybe some stop orders. If the volume was very high here, Id be worried, but so far I don't see cause for concern. When a stock comes down so hard and bounces back up, it almost ALWAYS re-tests its support -- thats what we saw 8/3. That is also the buying opportunity. It did not violate the support line, so the prognosis is good -C