The QQQQ Report for July 24th - July 28th, 2006
By Yaser Anwar, CSC of Equity Investment Ideas
ChartAdvisor writes, Market volatility was high last week as many companies released the results from their latest quarter.
The upcoming earnings announcements will cause the market volatility to remain high - a good thing for traders who look to trade extreme price swings.
It would not be surprising to see the markets head higher as many bulls may be seeing the recent month's decline as a buying opportunity.
However, we don't see a reason to turn bullish yet, as the QQQQ is still trading below important levels of support.
It will take a lot of work for the bulls to reverse the declines that have occured over the past several months.
Yaser's Note: The Nasdaq 100 met resistance at 1520 & the above bearish cross-over confirms the down trend. The 21-day Twiggs Money Flow indicator below 0 for the past three months indicates the continuing institutional distribution.
http://www.equityinvestmentideas.blogspot.com/
ChartAdvisor writes, Market volatility was high last week as many companies released the results from their latest quarter.
The upcoming earnings announcements will cause the market volatility to remain high - a good thing for traders who look to trade extreme price swings.
It would not be surprising to see the markets head higher as many bulls may be seeing the recent month's decline as a buying opportunity.
However, we don't see a reason to turn bullish yet, as the QQQQ is still trading below important levels of support.
It will take a lot of work for the bulls to reverse the declines that have occured over the past several months.
Yaser's Note: The Nasdaq 100 met resistance at 1520 & the above bearish cross-over confirms the down trend. The 21-day Twiggs Money Flow indicator below 0 for the past three months indicates the continuing institutional distribution.
http://www.equityinvestmentideas.blogspot.com/
posted by douglas mcintyre at 4:46 AM
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