Here is what I see.......
Strong Market Dynamics to the upside.... Intermediate Trend Indicators is now Bullish.....
Short Term NASDAQ... As of Friday and Today. Continues to be ST overbought, expect a pull back very soon of 2% or greater......
OEX now shows more calls than puts ==> Institutions not buying puts today.. Confirms bullish breakout.
Individual Investors are not buying puts....
MAX PAIN on June QQQQ is at 34 ( we are over 4% that number expect the QQQQ's to fall back within MAX PAIN + 4%.
I'm currently looking for a pull back on high daily TRIN to go long or becoming way overbought to short. A short at this point will likely only be for a day or two......, but we need to see real overbought medium term signals on multiple charts...... This would be McClellan over 300 or NASDAQ McClellan over 80......
It will be interesting to see how many bears capitulated on Rydex Ratio.....
Best Regards,
Barry
Market Ramblings
Started by
qqqqtrdr
, Jun 01 2009 01:55 PM
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