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The QQQ reversed down from resistance on Tuesday. With AAPL rebounding after hours it remains to be seen whether this strength will rescue the QQQ on Wednesday. The SPY and DIA are much weaker. Wednesday’s close of the QQQ will be very important to discerning the short term trend of this market. Maybe I should […]
Tuesday night we learn whether AAPL’s earnings can lead the QQQ through resistance. Meanwhile the bio-techs continue to show strength. My readers know that I rarely buy cheap stocks. I do make an exception when my extraordinary stock picker buddy, Judy, tells me about a small, young company that has a promising product. Enter NVIV […]
IBD says market up-trend has resumed. A strong day on Friday could result in a new QQQ short term up-trend and a Buy signal from the GMI. The QQQ still has not broken out of its descending channel, shown by the magenta lines below. Will it happen on Friday?
The Major indexes stopped just short of key resistance levels. Thursday they will either close above them or start to fall again in a meaningful decline.
UWTI fell on Thursday on higher volume than it rose the previous day, thus contradicting what I said in my prior post. Perhaps it is better to sit on the sidelines and wait for definitive signs of a turn in oil. They finally got to the strong biotechs on Thursday. I closed out many of […]
I have written that one way to play a possible bottom in oil is to buy the 3X leveraged bullish oil ETF, UTWI. On Wednesday, UWTI rose 10.71% on unusually high trading volume. Check out the daily chart for UWTI. Is this the beginning of a bottom? With so many media pundits rushing to lower […]
GMI remains on a sell signal. Things are looking quite weak to me. Time for me to be in cash or short.
IBD has called the market back in an up-trend. Another up day could turn the GMI to a Buy signal. I have rarely seen such volatility. I did say that more than one half of QQQ short term down-trends have lasted under 10 days. This daily chart shows the recent GMI signals (by the arrows). […]
Perhaps one of the best teachers of option strategies is Alan Ellman. He has specialized in teaching people to sell covered calls, a conservative relatively low risk option strategy. Alan just published a new book on selling cash secured puts. This technique can be used to generate income or to buy a stock at a […]
