Short The Q’s. $QQQ
- Posted by Frank Zorrilla
- on October 12th, 2011
The $QQQ is up now 6 out of the last 7 days, up 13.8%. Today, on the 7th day it gapped up completely above yesterday’s candle. Its short term RSI reading- RSI 2 is 95.94 (extreme here in the short term). Most of the stocks within the QQQ are up 5 days in a row. Telechart McClellan Oscillator as I write this is at +270 (overbought). The $VIX is now back to potential support ($30) after being down for 7 days in a row and 18% below its 10 day moving average.
I’m long $SQQQ at 20.43, I was already shaken out of this trade this morning, but after reviewing it, I believe if offers a good risk reward trade. Play at your own risk as I will not provide updates on this trade.
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.
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Frank Zorrilla is the founder and chief investment officer of Zor Capital LLC.He began his Wall Street career 10 days after his 20th birthday when he became a Series 7 licensed stock broker. More »
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