Caught Short Here, Boss (on QQQQ, that is)
(That’s a little Cool Hand Luke humor for you gen X’ers).
I am presently short the Qs. There’s a bigger story to do with the overall market, economy and geopolitical issues, but this note is just about what happened today:
The Qs opened with a slight gap up, then backed down a bit on diminishing volume, then ran up above yesterday’s high of 47.28. So much for the 2b on the shorter chart. Anyway, after the break to the new high, we got some noodling and retracing, until right at noon when we got a hammer right at yesterday’s high (support). If there was significant buying waiting to come in, this was its chance. We should have seen a hard thrust up to a new high.
Instead, we got - nuthin’. A little climb away from the hammer, then dribbling back down towards 47.25 again. With multiple time frames showing overbought, and then this hesitation, that was all the excuse I needed. I got short in the high 47.20s with a stop above the day’s high.
Then I had to go to work. I didn’t get the chance to close the position by 4pm EST, so I’m riding a short into tomorrow. Not sure I would have closed it anyway.
Now let’s see if there’s some follow-through.
Daytraderreview.com» Blog Archive » Caught Short Here, Boss (on QQQQ, (day trading) that is) said,
May 24, 2007 @ 1:05 pm
[…] Caught Short Here, Boss (on QQQQ, that is)(Thats a little Cool Hand Luke humor for you gen Xers). I am presently short the Qs. Theres a bigger story to do with the overall market, economy… […]
Anon said,
May 24, 2007 @ 3:18 pm
Nice catch.
LP said,
May 24, 2007 @ 7:10 pm
Not only the Yatch but the drinks as well!
Will said,
May 24, 2007 @ 8:46 pm
Well, at least the beer fund is safe for now