Sunday, August 07, 2005

Eye on the big picture: Nasdaq weekly chart

I started aggressively shorting the QQQQ on Thursday of last week because we are at the top of the channel illustrated on the chart above. I anticipate being short all the way down to about the 2000 level on the nasdaq composite. However, if the nasdaq is able to break above the upper-channel line I'll be forced to cover. I've already dumped almost all my longs, and I'm not aggressively buying anything long at this time with the possible exception of energy stocks.


At 12:45 PM, Anonymous Anonymous said...

What On-line broker are you using? Do you recommend it to a friend? Thanks for the tip...


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