Monday, May 11, 2009

Going Forward

Going forward into the week, the Qs are the weakest looking component of my little ETF basket, with XLE showing an uber-bought breakout pattern. XLF and XLE are showing continued bullish momentum while the IWM has retreated to the zero neutral line and the Qs are actually trending lower. A little sector rotation in progress here I suspect as the Qs have led momentum for much of the rally.
Below, the ongoing Qs pivot bands study. Keep in mind that the Impulse indicator is not a tell for price direction, but for pivot range expansion/consolidation. Last week's action put the Qs dead on the zero line and, as can be seen by a quick scan of the chart, the Qs have not performed a zero line rejection for the entire term of this 37 week study, so we are expecting the Qs pivot range to continue contracting into the week.
Finally, here's what ChartsEdge has to say about the week. Check out the free "Daily Forecast".


bill said...

hi bzb,

just wondering what were the qqqq trades you made today. can you please post some.

@ 9.54 qqqq turned up and 3 and 7 ma crossed over. also @ 9.52 macd for $ tick turned up. parabolics came in @ 10 am. by 9.56 $trin started falling sharply, so i would go for a buy.

would like to see what other trades you made.

also i see IWM would have been a bad choice today.

i am more interested to know if you buy qqqq @ 9.54 where do u place your stop do you immediately place stop. do you scale in on your trades.


bzbtrader said...

See Tuesday's post. I should have taken the first (early) bounce off of S1 support, but, truth be told, I slept in until 7:00 and missed the signal.