Watching The Tube
While I keep the television tuned to Bloomberg in my office, I don’t use it
for a market gauge. The reason I do not use the television as a tool to forecast
market action is that the anchors are not tuned in to a trading mentality, and
are focused on reporting only what is obvious and right in front of them, or
what their producers give to them.
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10:53:29
Intraday Setup Alert
The Nasdaq 100 Tracking Stock (QQQ)
is pulling back from the intraday high. QQQ is down 0.13 at 32.44.
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At the time this alert goes out, no one on the tube has mentioned the number
of opening reversals we have had, or that the Nasdaq 100
(
$NDX.X |
Quote |
Chart |
News |
PowerRating) or the
Q’s
(
QQQ |
Quote |
Chart |
News |
PowerRating) have made significant moves off the intraday low.
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It does not take a rocket scientist to determine that while the
index is net negative, the intraday trend is up. The first pullback is a good
spot to look for a potential entry.
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The stock rallies out of the first pullback, then later takes
out an intraday double top. Keep the TV on to help make the trading day a little
more entertaining, but focus on the chart for your trading.
Until tomorrow,
Duke