Still holding 3K QQQs long. Today peaked at the highs since June 7th, a move over that and there are a couple of important retracement levels 29 - 29.75. It went out strong today and I feel the bias remains up. If tomorrow this level cannot be breached and maintained (28.75), I will consider taking profits.
Swing/Position Trades
- Thread starter dgabriel
- Start date
Still holding 3K QQQs long. Today peaked at the highs since June 7th, a move over that and there are a couple of important retracement levels 29 - 29.75. It went out strong today and I feel the bias remains up. If tomorrow this level cannot be breached and maintained (28.75), I will consider taking profits.
this market is scary and options expiration doesn't make it any easier. All the fundamental data is neutral to bearish, the stocks that are coming out with decent earnings reports are dropping anyway, etc. The action yesterday sure looks like an oversold bounce right now.
I was going to get out of the remainder of my longs at the end of day, now I'm wondering if I should do it sooner?
I don't think anybody really knows right this second. Even the few "guru" types that I listen to have sort of thrown up their hands or are talking out of both sides of their mouths so they don't look stupid in a week.
ORCL is rocking the market after hours talking up their numbers.
AAPL and AMD both just warned. Good action after hours.
Pre CC spin. ORCL is now down 9% from its AH highs and the QQQs are off .80 from their AH highs.
ORCL guides down for next quarter after Larry says they are in a better position in the database market than ever before. It is left to the viewer/reader to extrapolate that since the database market is in retrenchment ORCL "gains" occur as its gross sales are declining. Ha!
QQQs stalled out at 28.75-29 level. SPY halts after a big 6 point run over 3 days. 1040 on SPX is big resistance.
Flat going into tomorrow. I am going to do a thorough scan and see if there are any good short candidates.
ORCL guides down for next quarter after Larry says they are in a better position in the database market than ever before. It is left to the viewer/reader to extrapolate that since the database market is in retrenchment ORCL "gains" occur as its gross sales are declining. Ha!
QQQs stalled out at 28.75-29 level. SPY halts after a big 6 point run over 3 days. 1040 on SPX is big resistance.
Flat going into tomorrow. I am going to do a thorough scan and see if there are any good short candidates.