INDU, SPX and RUT all pose for breakout. INDU will probably test 11,000, while QQQQ is not out of woods yet.
Tag Archives: Qqqq
Market Overview
INDU is approaching its major resistence at 11,000. We may hit 11,000 before 2004 ends even we will only have one trading seesion left on the calendar!
QQQQ has been around 40 a few times, it poses to break through the resistence and leaves this long base built over three years!
SPX looks more like INDU than QQQQ, but its major resistence is at 13,00 before next one at 1,400, still a long way to go. The trend is up.
QQQQ
QQQQ had a little pullback. It did break SMA 20. After almost 5 month of steady move, it may just go sideway for a while as it did around 36 in October. The major support should be at 38. Take a look at the weekly and monthly charts for more perspectives.
LFC, RHAT and QQQQ
LFC is building a tight base nicely It may break out again.
RHAT continues to its move and it’s at the edge of breaking out. I have almost completed my scaling out. I left some money on the table as I underestimated the strength of current move, but I had to lock in some profits when it’s more than 100%! I still hold a few calls on Dec 12.5 (deep ITM) and Dec 15 (ITM).
QQQQ (its ticker was changed after moving to NASDAQ from AMEX) is at its 3-year high (the comment in the chart was wrong after looking it more carefully) right now although it has not made much move during these four long years! Looking back at those dot com booming years, there is still a long way to go back to its old glory. I should’ve not sold my QQQQ Dec 39 calls though. I’m always nervious when it’s at peak and worried about it’s topping. To work around it, I choose to scale in/out in multiple lots.
