As expected, the good economic news has pushed the market across the board higher today. QQQ closed at 35.34. The volume is higher, but not very high. The resistence is now 36 and support is 34. Interestingly, the intraday high was right below the SMA20, which acted as the resistence at current level. The market is still weak, we shall see if the 34 is the intermediate bottom.
It turned out that last night’s low 1057.75 was the bottom. S&P 500 rallied back to the resistence level 1070, a few points away from the high 1075. INDU is fewer than 50 points away from 10K. Barring from any surprises, we shall see 10K pretty soon since everyone is talking about it.
Covered the short, reversed, and rode through half way, but missed the last leg from 1064 to 1070. Went short again at 1068 and 1069. We shall see some pullback tomorrow morning after this big run up, but so far hours into the new session, the market stays right at 1069.75×1070. The bears and bulls won’t blink. The stalemate should resolve in the morning.
For those who are interested in emerging market in China, here’s the new USX China Index (United States Exchange China Index). It is comprised of companies whose common stock is publicly traded in the United States and whose primary business is conducted within China.
