TXN not getting any respect and I would use caution for the next few days. Lots of calls just piled on to the QQQQ June 39 strike, not a very good sign, but also some weak hands exiting on the first bounce. Be incremental in your approach. A more sustainable rally will probably occur after June 15th. For now, stay long if QQQQ holds on to 38.23 and SOX 441. We should get a push to 20 dma at 39.13. VXN is negative and that should provide support today.
NQ (September contract) long from 1552 was exited at 1588 for +36 on the monitor ($720 per contract) and re-entered at 1569.50, right at pivot and 50%. Bullish if that holds.
NQ (September contract) long from 1552 was exited at 1588 for +36 on the monitor ($720 per contract) and re-entered at 1569.50, right at pivot and 50%. Bullish if that holds.
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on Friday, June 09, 2006 at 8:46 AM.
