New QQQQ short term up-trend; slowly going long
Well, the GMI is now 5 and the GMI-R is 9. Tuesday was the first day of the new QQQQ short term up-trend. However, I will be much more confident of this up-trend if it can get past 5 days. A lot of growth stocks are breaking out. The leaders AAPL and NFLX resisted the down-trend, a good sign. I am slowly going long, because the QQQQ remains in a longer term (weekly) down-trend.
Comments ( 2 )
Ben added these pithy words on Wed, 9-8-10 at 3:02 pmProfessor,
Have you thought about selling some out of the money calls on your current positions in this range bound market since we are getting to the upper portion of the range? This way if we break down you will recoup some losses witht he premium of the calls and if we rally you will siply lock in your profits by getting called away.
Ewish added these pithy words on Wed, 9-8-10 at 3:32 pmI am not sure this market will continue to be range bound. Your strategy would then cap my profits.
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