Wednesday, July 27, 2005

QQQQ's to $41? O. K. I'll carry some longs


Covered all my QQQQ's today at a loss. After clearing the recent high, it looks like they're headed to the top of the upper-channel line near $41 I wrote about earlier this month here. So I don't mind having some longs for a few days. I bought ABLE off of its 50-day moving average, and VLFG on its first pullback.

I wonder if any readers got in VLFG? I'm not in the recommendation business, but I like to think that my commentary is generally quite timely. VLFG was up 18% today after I discussed it last night. The rally early in the morning carried VLFG over its upper-channel line on heavy volume. I bought the first major intra-day pullback above the upper-channel line near $4.84. Like I said last night, if I bought right, it would close over $5 the same day. VLFG closed right on today's high @ $5.15 =) Its too bad VLFG didn't quite fall enough for me to risk getting in before the breakout, but you can see on the chart it could have fallen over 5% and still be within the contracting range. I need more of a safety net than that if I'm going to try to pick a bottom.

1 Comments:

At 11:29 PM, Blogger sung said...

I see some resistance for VLFG in $5.40's and $6.60's when looking at 9 year chart. If it breaks $6.60 I might consider.

Cheers.

 

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