Noon update:
NQ/NDX move up to resistance on another oil drop, although AD lines are still negative. I would not trust this move too much unless those AD lines turn positive. Watch oil 118 if it gets back above that. The low was 117.11, it might be support going forward (April high was 117). In fact, oil could have found a bottom for some time if that holds.
We have not yet hit my overall upside targets, but with Thursday pre-opex looming, I think that might have to wait for next week. I also don't like the fact that small caps are not participating in the NDX rally.
NQ/NDX move up to resistance on another oil drop, although AD lines are still negative. I would not trust this move too much unless those AD lines turn positive. Watch oil 118 if it gets back above that. The low was 117.11, it might be support going forward (April high was 117). In fact, oil could have found a bottom for some time if that holds.
We have not yet hit my overall upside targets, but with Thursday pre-opex looming, I think that might have to wait for next week. I also don't like the fact that small caps are not participating in the NDX rally.
This entry was posted
on Wednesday, August 06, 2008 at 8/06/2008 12:02:00 PM.
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8/6/08 1:10 PMHi Mark - thanks for all the updates. I am sweating bullets with the Sept 47 QQQQ puts but I can't believe this rally is real. When you speak of A/D lines, are you referring to QCharts Accum/Dist lines?
What time frame?
Ed Brady
8/6/08 1:16 PM
I'm referring to the ADVDEC NYSE from Qcharts ($ADD and $ADDQ)
Thursday should be down, especially if oil stays above 118.50.
Shorts are trades now, not investmenst, at least until we get up to those gaps I have been talking about for weeks.
8/6/08 1:28 PM
ADVDEC lines NYSE and Nasdaq is what I meant.
If you are using Qcharts 5.1, it's ADVDEC.NY and ADVDEC.NQ
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