Monday, October 16, 2006

HUI and QQQQs


Comments: HUI looks short term bullish now. A touch or pentration of the upper bollinger seems likely with RSI going above 50.



Comments: The QQQQs look like they are at significant downtrend resistance. A good time to go short as the volume has been drying up and the RSI has gone oversold. Dow is 20 points away from the 12000 level, another possible resistance. I was too early with my QQQQ Puts, but if you haven't shorted yet, this may be a decent time to do so. It's hard to rationalize the ongoing rise in the Nasdaq, but it's also possible that it may keep rising into the November elections, so better keep your mental or actual stops fairly tight.

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