Thursday, April 23, 2009

Charts SPY and QQQQ

The Spiders ticker SPY (daily chart above) had an interesting day yesterday on some volume. It does look like the game playing by the boyz is coming to an end as hope will once again turn to panic.

The QQQ's (daily chart above) had a similar development with some volume as well. I expect the Q's to the lower end of this channel in due time. A move back inside the upper bound, in particular a move below $32 would be a welcome development.

Good speculating to you all and never forget that "an investor is a speculator who made a mistake and will not admit it".

Open Positions:

Long 1 unit Ultrashort Real Estate ticker SRS @ $27.05 stop @ $25.24
Long 1 unit Ultrashort S&P500 ticker SDS @ $68.15 stop @ $66.28
Long 1 unit Ultrshort QQQ ticker QID @ $ 40.70 stop @ $38.64

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