It seemed that the market started out strongly down only to bounce, then erosively drift back down. Thought maybe we could get that retracement and more fear. Anyway, some indicators are on the bottom rail. Bought a little Qs at the lows at the EOD. Horizontal support held. If afterhours would spike on down to 43.38, would add to it. Just seems like a fairly good probality trade based on some ST indicators. If it doesn't work out, will exit quickly and use the capital loss. For now, VST trade.
QQQQ S - R in premarket
Started by
Trend-Signals
, Mar 28 2007 08:24 AM
12 replies to this topic
#12
Trend-Signals
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Posted 28 March 2007 - 04:04 PM
Hi JM,
The closing price is bearish... however, what's bothering me is that we have high oil price and the IRAN news. Well, at this point, being cautious is a right stance.
The taking profit phase turned into "bearish sell-off" as we have seen today, even though I draw the final line on low 43.30 +/- and SPX 1410 +/- as examples to determine ST lower-top scenario.
Best of luck
#13
jmicou
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Posted 28 March 2007 - 04:14 PM
Hi JM,
The closing price is bearish... however, what's bothering me is that we have high oil price and the IRAN news. Well, at this point, being cautious is a right stance.
The taking profit phase turned into "bearish sell-off" as we have seen today, even though I draw the final line on low 43.30 +/- and SPX 1410 +/- as examples to determine ST lower-top scenario.
Best of luck
Don't disagree. This is just a small speculative position. Would prefer more extreme bearishness, lower prices, and more fear about the news. Would have preferred price overshoot to the downside, too. This was more of an erosive decline, which can be undermining.
regards,
jmicou
