FibMaster
02-06-2008, 09:36 AM
> Neal,
>
> Good morning,
>
> I am a little confused with my readings on the NASDAQ ( QQQQ ). To me
> it looks as if we are getting support for a bullish break up, or is
> this a bearish correction up ? Or simply is this going to go down. I am
> not sure why I am having trouble at this slight channeling area.
>
> Would you be so kind as to share your pre market hr. insights ...
>
> Thank you,
> John
John,
There is definitely Fib support at the $42.00 area. How long that can hold is unknown. At this time, I consider rallies as shorting opportunities, especially around the FibLevel resistance at $46.00. If that $42.00 level breaks, then even more attractive shorting!
Until the markets put in some decent up-moves, I prefer to short rallies, but not right at support levels.. Time will change this, but I prefer the downside for now.
-Neal.
>
> Good morning,
>
> I am a little confused with my readings on the NASDAQ ( QQQQ ). To me
> it looks as if we are getting support for a bullish break up, or is
> this a bearish correction up ? Or simply is this going to go down. I am
> not sure why I am having trouble at this slight channeling area.
>
> Would you be so kind as to share your pre market hr. insights ...
>
> Thank you,
> John
John,
There is definitely Fib support at the $42.00 area. How long that can hold is unknown. At this time, I consider rallies as shorting opportunities, especially around the FibLevel resistance at $46.00. If that $42.00 level breaks, then even more attractive shorting!
Until the markets put in some decent up-moves, I prefer to short rallies, but not right at support levels.. Time will change this, but I prefer the downside for now.
-Neal.