Going into tomorrow net short QQQ's

Today we found overhead resistance at 2005 low... in from 32.20's, 32.90's & 33.70's for a 33.34 cost basis... scale in complete, currently net short...

Look at you chart....Do you make any money shorting when RSI at 30? Every time? 7 out of 7 looser....That is a great odd that you are betting.....

Look at you chart....Do you make any money shorting when RSI at 30? Every time? 7 out of 7 looser....That is a great odd that you are betting.....

Oh [bleeeep]!!! Thanks alot paul, why didn't you tell me that sooner?! You gotta help me out here sometimes paul... now i'm not gonna get any sleep tonight... darn...

(hey paul... zoom in a bit jack@ss... i'm not trading that chart... just showing the LT resistance... @sshole)

I think you're both right. But I wonder why TA is swing trading off a weekly. We are due for a constructive correction before moving higher within the confines of a "Bear Market".

Edited by borland, 04 November 2008 - 10:02 PM.

I think you're both right. But I wonder why TA is swing trading off a weekly.

We are due for a constructive correction before moving higher within the confines of a "Bear Market".

hi borland... i think you meant to say that TA doesn't swing trade from a weekly chart, i'm pretty sure that paul doesn't have the insight to pick up on that... I do however sell longer term credit spreads from a weekly chart... which from those positions i was net long (they make up my core holdings)... but going into tomorrow i am now net short via the qqq's... as a ST counter 'counter trend' trade... which is what i believe you are saying with "confines of a "Bear Market""... i believe we are now due for a correction within this counter trend rally...

Adding to the short qqq's position here at 32.50's, looking for a drop first to 31.25ish where some will come off, and then watch to see if we take it down towards 30.00. Anywhere between 30-31 i'll be looking to join you bulls.