Monday, April 12, 2010
Stock Market Reversal Days (NASDAQ:QQQQ), (NYSE:SPY), (NYSE:DIA) April 07, 2010
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Stock Market Reversal Days (NASDAQ:QQQQ), (NYSE:SPY), (NYSE:DIA) April 12, 2010
We wrote on the eve of last Friday that if the market were to open with a higher gap it could be the opportunity for a reversal day. The market did not gap up on Friday, but today it did but timidly.
It is now 9:38AM, and QQQQ just touched 49.13 level mentioned in last Thursday's report. We wrote in that report that we would short the QQQQs between 49.13 and 49.25 levels in anticipation of a quick pullback to the 48.93 level. Given the passage of one day, we would up add a couple of cents to these levels, however the idea is still basically the same.
10:AM: QQQQ are now trading at $48.95. So the little retreat took place. The current high is 49.20. We would now give the market sometime to see what it wants to do today. Let us see if it will be able to retest today's high. Our working assumption is that this could be a a reversal day. so far, the market action is consistent with this assumption. The battle now should be fought at the open price line which is 49.08.
2:56PM: QQQQ is now close to a retest of the current highest price for today which is 49.20. QQQQ are now at 49.18. Within day timing models suggest to start shorting at this price with very small stops. It a break on the high side happens, model predict it would not go about $49.43. Therefore is there is a break of high and run up, it would be a possible fade.
If it goes below $49.10 this rest of afternoon, then it would be a good sign of weakness.
3:30PM: QQQQ are following the script of a reversal day. However, the SPY ETF is not so far moving. This is unusual. We would like to see both SPY and QQQQ "dancing the same dance on the way down". We still have 30 minutes left in the trading session to see if SPY will move down. Otherwise, we will consider the QQQQ down movement suspicious.
3:38PM: We just realized that the SPY data we have is a 20 minute delayed data, while the QQQQ data is real-time. The SPY seems to be in accord with the QQQQ movement.
3:46PM: QQQQ and SPY are now below the open price. Let us see if it will be strongly defended by buyers. Between this evening and before tomorrow open we plan to post a members only report.
If you are not a member fill the form above to become a member. If you have not received our reports but you enrolled you may have made a typo in your email address and therefore you need to refill the form above. Please allow some time before receiving a confirmation as it can take 10 minutes if server is loaded.
We wrote on the eve of last Friday that if the market were to open with a higher gap it could be the opportunity for a reversal day. The market did not gap up on Friday, but today it did but timidly.
It is now 9:38AM, and QQQQ just touched 49.13 level mentioned in last Thursday's report. We wrote in that report that we would short the QQQQs between 49.13 and 49.25 levels in anticipation of a quick pullback to the 48.93 level. Given the passage of one day, we would up add a couple of cents to these levels, however the idea is still basically the same.
10:AM: QQQQ are now trading at $48.95. So the little retreat took place. The current high is 49.20. We would now give the market sometime to see what it wants to do today. Let us see if it will be able to retest today's high. Our working assumption is that this could be a a reversal day. so far, the market action is consistent with this assumption. The battle now should be fought at the open price line which is 49.08.
2:56PM: QQQQ is now close to a retest of the current highest price for today which is 49.20. QQQQ are now at 49.18. Within day timing models suggest to start shorting at this price with very small stops. It a break on the high side happens, model predict it would not go about $49.43. Therefore is there is a break of high and run up, it would be a possible fade.
If it goes below $49.10 this rest of afternoon, then it would be a good sign of weakness.
3:30PM: QQQQ are following the script of a reversal day. However, the SPY ETF is not so far moving. This is unusual. We would like to see both SPY and QQQQ "dancing the same dance on the way down". We still have 30 minutes left in the trading session to see if SPY will move down. Otherwise, we will consider the QQQQ down movement suspicious.
3:38PM: We just realized that the SPY data we have is a 20 minute delayed data, while the QQQQ data is real-time. The SPY seems to be in accord with the QQQQ movement.
3:46PM: QQQQ and SPY are now below the open price. Let us see if it will be strongly defended by buyers. Between this evening and before tomorrow open we plan to post a members only report.
If you are not a member fill the form above to become a member. If you have not received our reports but you enrolled you may have made a typo in your email address and therefore you need to refill the form above. Please allow some time before receiving a confirmation as it can take 10 minutes if server is loaded.
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