6 replies to this topic

[dcengr]

In technically very oversold territory for NDX, anyways. Plus I don't think bulls gonna give up so easily. Retest of 1800 is probably in order. Taken some shorts off table to reshort around that level.

[BigBadBear]

seems a given

[dcengr]

seems a given

I wouldn't say 'its a given'.

I just needed some cash on the side for opportunities, and it seemed like perfect time to do so. I remain IT bearish, and ready to short on oversold bounce.

[BigBadBear]

Well I'm buying with both hands into the close

[dcengr]

One thing I'll mention that I don't like is.. QID volume has hit a new record. Every time QID volume hits a record on an UP day... its soon reversed. Been that way for a while. So, take some off the table, just to be cautious.

[Jnavin]

dc: I think it's too early in the QID game to be looking at volume. It needs to trade for at least a year or two before we can use it as some kind of indicator. Too many traders are still discovering it.

[dcengr]

dc: I think it's too early in the QID game to be looking at volume. It needs to trade for at least a year or two before we can use it as some kind of indicator. Too many traders are still discovering it.

I agree. But in the absence of longer data, and knowing the short term consequences of QID volume surge, plus having made decent profit in a few short days, it seems prudent to me.

Also DJIA hit a trendline, so I want to see if it breaks thru or not.

I had an RSI2 sell signal for SPX that gave me 65%+ chance of going down ST, and it did. But its outside that zone now with today's sell. Another reason to take some off the table.