Good News For Bulls
A
rally? Well, given the past few weeks I’ll say yes to anything that
clears its hourly resistance, and this morning’s gap certainly put us north of
60-minute support which even held an early morning test. Now for a few words of
caution. While this is certainly good news for the bulls, it now puts us in an
interesting situation longer term, as we are still in a daily downtrend and have
resistance in the neighborhood as the NQs approach 1260. Such is life in a bear
market, yet we’ll certainly respect whichever direction the market takes us.
Friday
September 28, 2001 12:00 p.m. EDT
(1)
Approx. Equivalent QQQ Price
In the “Be Careful What You
Say” category, it seems that many of you heeded yesterday’s
closing comment based on the many emails I received overnight. Nice going.
Perhaps I should have asked for world peace.
“Short-covering
pops are certainly possible as we progress into the afternoon, and a change in
the 13-minute trend may provide a clue.”
Thursday
September 27, 2001 12:00 p.m. EDT
Good
trading and have a great
weekend!
P.S.
I’m pleased to announce that I’ll be hosting a two-day
QQQ trading learning forum immediately following TM2001 at the Venetian
Hotel and Resort on Oct. 7- 8, 2001. It seems like we’ve struck a pleasant nerve
with the Q column, and I look forward to sharing my thoughts and views in a live
forum highly conducive to learning and interaction, as well as simply meeting
many of you in person. So whether you trade the Qs or watermelon seeds, consider
extending your stay just a bit and we’ll combine some very intensive trading
discussions and some fun!