NQ found clear support at its 50 dma and trendline off March lows. That puts the tech sector in better shape than others. Note how the 5 dma is sold, which confirms downside momentum. Until bulls get a close above, longs should be day trades only, as it was today from 1972. With the VIX in the stratosphere and ISEE now below 100, shorts are also hazardous. In other words, stick to day trading. It is the perfect environment to do so.
This entry was posted
on Thursday, July 26, 2007 at 7/26/2007 07:27:00 PM.
You can skip to the end and leave a response.
» Post a Comment