Before we get all excited, a look at QQQQ option open interest (see link below) for January shows heavy call activity at 43 strike. Add that gap below at 41.92 (chart), and you know I am thinking pullback. I would short a move to 43.50. That does not mean I think the rally is over, just that we are due for a push down. In fact, the range in the coming two weeks could be confined to 42/43. After that, I see a possible rise to 44 by February. But let's not get ahead of ourselves and take it one day at a time. I also want to see the bull/bear sentiment numbers tomorrow.
This entry was posted
on Wednesday, January 11, 2006 at 4:21 PM.
