NDX BOUNCE-$QQQ

As of right now the Telechart McClellan Oscillator is at -320, extremely oversold, the $NDX (QQQ) is now down 5 days in a row, and has been below its lower bollinger band for 2 days in a row. Some of the key stocks in the $QQQ–$AAPL, $AMZN, $PCLN, $BIDU,  are oversold and due for a bounce.  $AAPL has been up all day, it might be signaling something.  I’m long $TQQQ at 63.70 with a stop a the low of the day.  My position is very small (1.88% of my portfolio) due to the fact that when you have a crisis like Europe does-it does not matter how oversold you are.  While have a physical stop already in place, I am also putting some faith in the Turkey Gods.  I’m looking for a dead cat bounce and nothing more.


The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.


blog comments powered by Disqus