Recurring Themes
Key supports are once
again holding the Qs this morning as we continue to see rebounds off
major support levels when tested. The NQ is currently in a clear 1360-1400 range
and has tested both ends numerous times over the last two days. We’re once again
testing the upper end of the range as we approach mid-day, and a break above
1400 with volume is a current prerequisite for a further climb. A recurring
recent theme has been shorts getting squeezed on low volume drops as we saw
mid-day yesterday, in pre-market today, and after the NAPM release this morning.
As I mentioned yesterday, the current issue holding the Qs from further gains
seems to be lack of buying more than sustainable selling, although that could
change at any time.
Thursday November
1, 2001Â 12:00 PM EDT
(1)
Approx. Equivalent QQQ Price
Good trading!