Short The Q’s. $QQQ

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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