Hanging In There
“Hanging in there”
might be the best way to describe the Qs this morning as trend supports and
lower Bollinger Bands have been combining thus far to hold the Qs in the low to
mid 41s. Such action should not be too surprising since the Qs are still
uptrending on both a daily and weekly basis, yet tradable intraday trends have
been limited to one- and three-minute moves as longer-term players wait for a
break out of the immediate range. Bearish comments from Ciena’s
(
CIEN |
Quote |
Chart |
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PowerRating) CEO
have served to weaken the slightly bullish chart bias as we approach midday, and
waiting for a longer-term trend to trigger, such as improving trend support
angles or a break of the day’s high, may be appropriate at this time.
Tuesday January 8,
2002Â 12:00 PM EDT
The mailbag
continues to overflow at this end, and it’s great to see continued (and in fact
accelerating if my inbox is any indication) interest in the Qs as we enter 2002.
It looks like more and more traders, investors and fund managers are discovering
the benefits of trading the Qs over individual equities.
I continue to improve my
performance in trading, thanks mostly to your valuable insights from
“Trading the QQQs”. Your trading approach and style seems to sit the
best with my personality and trading demeanor, and the fact that your
statistical- and probability-based analysis of your trades satisfies the
incorrigible ex-design engineer in me. I especially appreciated the nuance you
posted 1/7/02. Thanks
again. S.K.
Good Trading!
P.S. Stay tuned for some very
exciting news on the QQQ trading front!