Charts top to bottom:Monthly, weekly, daily 3 LRs studies.
% bullish NDX (QQQQ) Daily bars
See chart notes on right side panel for indicator details.
It's hard to find a bullish tone in any of these charts as virtually all time frames are downtrend. The weekly chart, in particular, shows a lack of buying and this week's negative doji does not look encouraging.
The daily bars are coming off the upper LR30 channel band and the technicals are negative.
I hate to be a broken record, but the down side looks like the game to play. Relative volume and open interest in the options supports the short side as the interest buying call options is far outpaced by the puts. Unless you are a real contrarian, this is either a time to stand back or trade small. If we do get a real wash out day below the January lows, that may be the time to do some cherry picking. Until then, caution is advised.
Today's musical interlude from the Top. Nothing quite like em live. http://www.youtube.com/watch?v=2MrK9-6LEpE&feature=related
No comments:
Post a Comment