PowerShares QQQ Trust - Inside Day
Today the PowerShares QQQ Trust posted an inside day. An inside day is simply a bar that has a higher low and lower high than the previous trading day. You'll also notice that today's range is the smallest range in at least the past 5 trading days. Usually after such a contraction of volatility the market will respond with a large range today which means tomorrow we should be on the lookout for some kind of trending day once the inside day's range is broken.
Even though AAPL and GOOG which are heavily weighted in the index were up on the day, that didn't stop the NASDAQ from closing on its low. Today the PowerShares QQQ Trust closed at 44.66 down .18 from last Friday's close.
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3 comments:
Guru Kevin, I am looking forward to your new currency trade.
Kevin,
I'm watching FXE and UUP closely and at the open, dollar retested the highs and euro retested the low with very constructive TA (I look at RSI, MACD and Force). This looks identical to late Nov 2008 or early March 2009 action. This is forming a powerful bullish divergence in stocks and especially energy. Unless euro breaks down from the recent low, we should be OK. I reentered some of my energy trades this AM. Tight stop again (I'm hurting from stops already).
Jack
Kevin,
I'm watching FXE and UUP closely and at the open, dollar retested the highs and euro retested the low with very constructive TA (I look at RSI, MACD and Force). This looks identical to late Nov 2008 or early March 2009 action. This is forming a powerful bullish divergence in stocks and especially energy. Unless euro breaks down from the recent low, we should be OK. I reentered some of my energy trades this AM. Tight stop again (I'm hurting from stops already).
Jack
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