Friday, October 31, 2008
A short term low has been achieved in the QQQQ but i hate to rain on the bulls parade but i am not buying this scenario. This is just too easy and my instincts are telling me to DAY TRADE it long and sleep with one eye open because it can all disappear in a blink of an eye. We are currently testing the 20 day moving average, first test in two months. First tests of the 20 day MA are usually successful. So i am expecting at least a rejection from here. I imagine it will be buyable pullback and i also imagine that the bulls have enough staying power to last them thru December(nov and dec is historically very bullish). This is a test i am watching with great interest: If the bulls cannot muster up serious upside in the next two months then BOY-O-BOY, watch out below, cause something nasty is lurking.... that's my two cents and until the CHARTS prove me wrong, i am stickin to it. For now: the bulls have it.
Posted by Stewie at 10:14 PM
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