This Is Not Money Managers’ Favorite Theme
Existing and premature new
shorts who refuse to wait for low-risk triggers continue to get squeezed
as all key intraday and daily trends remain
long on both the Qs and SPYs, despite approaches to strong overhead on the weekly
charts. As I mentioned on Friday, it will take a turn on the hourly chart to
heighten interest in this column as to the short side which at current levels
seems to be a matter of time. Yet letting the market dictate the time and terms
should continue to keep you on the right side of the chart.
The biotechs have been a bit of a drag on the Qs (Q traders keep in mind the
healthcare and biotech weightings on the Nasdaq 100 increased with the most
recent rebalancing) compared to the broader market due in part to trader
reaction to disappointing cancer treatment trials.
QQQ
 Monday August 19, 2002 12:00
P.M. ETÂ SPY
Moving Avg Legend:
5MA
15MA 60-Min 15MA
See
School and
Video for Setups and Methodologies
Good
Trading!
Don Miller
Â