Close:
Investor intelligence shows a big drop in bullish sentiment to a level not seen since early April. I am waving a caution flag for shorts. We made a nice trade from QQQQ 49, I hope you took some profits and brought your stops down on the remaining, right above the 5 dma. We can go lower, and probably will, but no one ever got hurt booking a profit. That's why you let some ride and cash in the rest. This market is very hard to trade.
On a price basis, NQ will need to hold the 1955 area in the overnight session. Resistance is that 1962.50 level which will probably get sold overnight.
RIMM looks very extended. I am starting to look at that one as a short should it move even higher prior to next week's earnings.
Investor intelligence shows a big drop in bullish sentiment to a level not seen since early April. I am waving a caution flag for shorts. We made a nice trade from QQQQ 49, I hope you took some profits and brought your stops down on the remaining, right above the 5 dma. We can go lower, and probably will, but no one ever got hurt booking a profit. That's why you let some ride and cash in the rest. This market is very hard to trade.
On a price basis, NQ will need to hold the 1955 area in the overnight session. Resistance is that 1962.50 level which will probably get sold overnight.
RIMM looks very extended. I am starting to look at that one as a short should it move even higher prior to next week's earnings.
This entry was posted
on Wednesday, June 18, 2008 at 6/18/2008 06:31:00 PM.
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