Friday, June 29, 2007

Watch For A Trend Day Next Week



I haven't been doing much these past few days but I did liquidate a good portion of my short position this week at a profit.

You can see in the above chart how the NASDAQ is stronger than the other indices. The NASDAQ is right near the year high and since this is the strongest index I am actually longs some Q's from Wednesday when the NASDAQ tested its 50 day moving average.

You'll notice all three indices closed at about the same level for the past 3 days. This sometimes leads to a trend day so expect some kind of large range day on Monday or Tuesday. My guess is that the move will be to the upside especially in the NASDAQ but we'll see what happens.

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