11 replies to this topic

[SemiBizz]

Hmmm, I sold my QID @57 and haven't looked back. I bot QLD for a hedge shortly before I sold my QID and sold QLD today for 2 pts. Risk/Reward sucks right here on the Nasdaq short side. We failed to test the COMPX high today on lighter volume which would have been a "short me" signal. I'm looking for a better risk/reward setup. QID itself failed to test the high of 57.48 from the record day of volume. We have already tested that high on lighter volume and reversed off it. I interpret the sideways move following it as signal that we will test 54.10, the low of the record day and consolidate ahead of the next move UP. I would have kept my QLD today, but failing to get over the 2390 high on the nasdaq along with the late day crapout leaves us open to retesting 2371. If we get under that then the probabilities are to cancel the ABC up from 2360 and retest that and possibly lower. So, I'll be looking to re-enter QLD for another move back up. We don't even have a .382 complete yet on this move from 2525 to 2340, so unless we retest that low now on RECORD volume that is a dissonent trade for me to be long QID, as I have to believe we'll get .382 test at a minimum (2411) or a .50 (2431). I will take a hard look at any decline now under 2370 that sets up a bullish spring for QLD, QQQQ and COMPX.

[SemiBizz]

WOW... I made a mistake yesterday. I thought I had sold QLD and actually doubled my position by pressing the BUY button Now that's lucky, real lucky. Sold for an extra 1.5 on my original position and a new 1.5 on the accident.