QID: Watch carefully
The market made a strong move yesterday.
It looks like this will continue today (it is 8:30am now).
This obviously extended market just does not want to quit. On a closing basis, QQQQ made a one year high on November 22nd at $44.73/share. If the QQQQ moves above this number, I have no choice but to call it a short term bullish pattern. To be sure, I believe we are near the short term top. But near does not mean we are at the top.
Bottom line: There are still a lot of money in the street chasing stocks for the last minute gains. Our economy in general, is in good shape. The inflation is low and stable. The companies are in much better shape (financially) now than ever. Although stock prices are extended, it can easily get more extended. Acetrader followers: Sell QID if it hits our buy price of $51 or if QQQQ hits $44.73 which ever hits first for no loss trade. For the traders, look at the QQQQ numbers and react quickly as I have explained (QID & QLD).
It looks like this will continue today (it is 8:30am now).
This obviously extended market just does not want to quit. On a closing basis, QQQQ made a one year high on November 22nd at $44.73/share. If the QQQQ moves above this number, I have no choice but to call it a short term bullish pattern. To be sure, I believe we are near the short term top. But near does not mean we are at the top.
Bottom line: There are still a lot of money in the street chasing stocks for the last minute gains. Our economy in general, is in good shape. The inflation is low and stable. The companies are in much better shape (financially) now than ever. Although stock prices are extended, it can easily get more extended. Acetrader followers: Sell QID if it hits our buy price of $51 or if QQQQ hits $44.73 which ever hits first for no loss trade. For the traders, look at the QQQQ numbers and react quickly as I have explained (QID & QLD).
posted by Jaewoo | 8:20 AM
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