Saturday, December 22, 2007

Qs Weekly Update

Top chart is the weekly 3 LRs chart, lower is the daily.
Current reading: weekly - negative; daily - positive
For the week, the Qs were up $.88 or 1.73%.
We finished the week on 2 solid back to back gap-ups, a pattern not seen for a while. Meanwhile, the Qs are approaching intermediate resistance at 52.60, which may take the form of a 3 day pivot high. As noted in Friday's post, the Sweet Spot Qs trade is setting up nicely and if the Qs do gap on Monday I will likely fade it if we get the the usual 6:38-6:42 turn. That's strictly a short term trade, as the ho-ho spirit, visions of sugar plums and a low volume could well propel the Qs through 52.60 and back up to 54.00. Stranger things have happened recently, and in the unlikely possibility the Qs do land on higher ground next week, I will not be chasing them up but will be holding back until the technicals start to deteriorate once again.

No comments: