Market Summary
Today's action is a replay of what I commented on yesterday. Today we saw the dow collapsing in the morning....it was down about 80 points but the NASDAQ was down fractionally. In fact, the dow (just like yesterday) broke below yesterday's low while the NASDAQ consolidated and then moved higher which can be seen in the above two day chart..
On a short term basis, money is moving into the NASDAQ, that is why I took off my short QQQQ position yesterday. The GIN Index (Internets) showed relative strength again today which I posted about yesterday. I'm still not going to buy the Q's, but I'm not going to sit in a short position and argue with what I am seeing. I'm on the sidelines right now when it comes to trading the Q's but I am very long individual stocks that are commodity related.
Posts
![[Most Recent Charts from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_4.gif)
![[Most Recent Charts from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_4.gif)
![[Most Recent Exchange Rate from www.kitco.com]](http://www.weblinks247.com/exrate/24hr-euro-small.gif)
1 comment:
When I'm day trading I like to trade the QID's because they will move twice as much as the Q's. As a day trader I need volatility. For a long term trade, you can trade either one.
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