Gaps get filled. In any case, here we are, NQ filled the gap perfectly and QQQQ came close at 41.27 (gap close is 41.22). Expect a visit to 41 in the coming day if 20 day ema does not hold at 41.28. There are two more gaps below, the closest one being 40.78/40.91, but I suspect that will be massive support going into opex week as tons of puts sitting at 41. Per my post the other day, you should have cashed in on 42 puts by now. As for DIA, there is strong support at 107, where I would nibble long. Weekly S2 for QQQQ is 40.94, adding to the support there. The oil trade is blasting away at 61.70.
As for a year end rally, I think it will have to wait until the last week of December, or at least after Opex next week. Trading will be tricky and grab profits as you go. I always thought there were too many pundits calling for a year-end rally and now all this optimism is weighing on those chances.
As for a year end rally, I think it will have to wait until the last week of December, or at least after Opex next week. Trading will be tricky and grab profits as you go. I always thought there were too many pundits calling for a year-end rally and now all this optimism is weighing on those chances.
This entry was posted
on Thursday, December 08, 2005 at 5:03 PM.
