I had mentioned on Friday the following: "I would be very surprised if we don't at least get a swipe at 41.50, maybe even 41.35, an area I would buy. The 41 strike is very supportive, so look for that swing trade opportunity next week should it arise ". Well we got that opportunity today with QQQQ dropping to 41.39, one point above 50 dma. The trade was solid, although not without a few scares as oil unnerved many traders. Using NQ, you should have entered around 1697 or so. Keep stops tight and watch QM (oil). It has resistance at 70.75, weekly R2, not far from last year's highs.
This entry was posted
on Monday, April 17, 2006 at 8:00 PM.
