It’s approaching the overhead resistence. The volume is about average. We will monitor SMA 5 closely.
QQQ
Tag Archives: Volume
QQQ
It’s approaching the overhead resistence. The volume is about average. We will monitor SMA 5 closely.
Option Pinning …
Option strike price sometimes has interesting effect on the market during option expiration week. Looking at MSFT chart, we can see it slides towards 25. Based on the option trading volume data at Yahoo, there were 10,791 contracts (Apr04 25 Call) changing hands with 79,265 still outstanding, the heavest traded strike today. For premium sellers, it’s to their advantages to let the contract expire worthless, which means in this case that MSFT has to go below or at 25 to let Apr04 25 call contracts expire worthless. I have a small long position where I had sold some at 0.95-1.05 earlier and hold some until today I sold them at 0.7.
LU
LU is on the rebound. It’s forming a classical cup shape pattern. If it breaks out 5 with high volume, it will start a new phase of uptrend.
QQQ gapped up
It gapped up and closed at 37.10 today as the market was fueled by better than expected job numbers. The volume was impressive as well. The next resistence is 38-39 and 36 will be the new support.