This morning, the markets got down to the hourly support levels for the recent trading ranges, so I sold the remainder of my SKF (-2x Short Financials) and all of my PSQ (Short NASDAQ).
I figure that they won't let things crack this week.
NASDAQ
The NASDAQ (QQQQ) has been stuck in a trading range since early December. Here is the hourly chart of the QQQQ with volatility bands. The +/- 0.5 band (Black Lines) has defined this trading range.
I covered my shorts on the NASDAQ this morning, by selling my PSQ (Short NASDAQ).
The NASDAQ will break out of this trading range soon. I’m just don’t think it will occur this week.
I figure that they won't let things crack this week.
NASDAQ
The NASDAQ (QQQQ) has been stuck in a trading range since early December. Here is the hourly chart of the QQQQ with volatility bands. The +/- 0.5 band (Black Lines) has defined this trading range.
I covered my shorts on the NASDAQ this morning, by selling my PSQ (Short NASDAQ).
The NASDAQ will break out of this trading range soon. I’m just don’t think it will occur this week.
Financials (XLF)
The Financial Index is now testing the low of its recent trading range at $11.50 (Orange Line). $11.50 is support, until proven otherwise. So I sold my SKF (2x Short Financials).
The Financial Index is now testing the low of its recent trading range at $11.50 (Orange Line). $11.50 is support, until proven otherwise. So I sold my SKF (2x Short Financials).
These trading ranges may break down tonight, or support may hold. I have no clue.
But I know that if support holds, yet again, then I would be really ticked at myself for not booking small profits.
I am now operating under the assumption that they do not want prices to fall hard in the last week of the year.
I will scan charts tonight to see if anything is setting up. From what I have seen so far, there may be a short set up in Gold and US Treasuries. We’ll see if big money shows up and the trades trigger.
But I know that if support holds, yet again, then I would be really ticked at myself for not booking small profits.
I am now operating under the assumption that they do not want prices to fall hard in the last week of the year.
I will scan charts tonight to see if anything is setting up. From what I have seen so far, there may be a short set up in Gold and US Treasuries. We’ll see if big money shows up and the trades trigger.
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