NASDAQ: Awful Trading Today
I'm not sure how many of you are day trading but the market was a choppy mess today. Above is a 5 minute two day chart of the NASDAQ. You can see how the market was all over the place today breaking high then breaking low then a sideways mess. We had a few strong stocks today like RMBS and RIMM, and on the downside we had GOOG but for the most part the market was difficult to trade today.
If you are going to trade the Q's, I think you are better off waiting for this market to break out of it's range. Last week was an inside week so until those price levels are taken out, I think we will see more of this choppy tug of war type of trading. You are better off getting involved in groups that are trending and breaking out such as utilities or maybe just trading individual stocks that are on the move like GOOG.
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6 comments:
I'm a month trader :-)
I'm not allowed to sell any position that is less than 30 days old.
Yeah, I attempted one NQ futures trade, but failed. Gotta wait for it to break out from this "Awful range".
Hi lovil,
I still have some gold and oil stocks long..I'm going to try to sit with these awhile.
I think we have the break-out you've promised?
Nasdaq -0.5%
I'm also sitting on oil stocks for several years already. And I don't plan to sell them in the next 10-15 years.
I've loaded gold a week or two ago... Plan to hold for 2-3 years.
The Q's have baffled me for awhile now. The market indexes are at least trending higher, even though they have been choppy at times. The Q's have gone nowhere since November. Something has to give sooner or later.
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