Monday, July 02, 2007

Stocks Rally...NASDAQ New Year High!



Stocks rallied today with the NASDAQ leading the charge.
If you recall last week I covered the majority of my short position into the down move and I bought QQQQ close to the 50 day.

On Friday I posted that we should expect a trend day for today and it should be to the upside, well that's exactly what we saw today.

As you can see in the above chart, the NASDAQ is the only index to make a new high for the year. I've spoken about the strength in the NASDAQ a week ago and that is why I bought the Q's...I'm looking to exit this long position over the next few trading days.

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