Tuesday, July 03, 2007

Taking Profits Here In the NASDAQ

Today I exited my long position in the Q's. I bought QQQQ last week near the 50 day moving average and exited today because my profit objective was just about reached.

If you look at the last two rallies in the NASDAQ you will see that both rallies were good for 70 points. The current rally off the 50 day is about 65 points which is close enough to my 70 point target as far as I am concerned so I took the profit.

I wish everyone a happy and safe 4th of July...Enjoy!


Mike Truong said...

Thanks Kevin. Reading your comments and looking at the chart, I sold my long-suffering july48 calls for basically even money. Had I waited for about 1 to 2 more hours it would have been a nice gain. Ohh well. At least I was able to salvage my position to fight another day. So according to your chart, you're looking at a pullback at about 48.50 or so to the 47.25 level before the next rally? Just wondering.

Kevin said...

I'm not looking for anything right now in the NASDAQ, that's why I got flat...We'll see if a new trade sets up next week.


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