Today

Today felt like a low volume day, but I failed to realize how much volume was behind the buying at the end of the day.



I do not know what to think of this market. I can see it moving up, I can see it moving down, I can see it moving nowhere. I will continue to play this market anticipating and taking profits on small moves, until I have more confidence on the direction of this market. The recent action makes me want to be bullish, but this market is just pounding on death's door.


A soft landing to a bottom? I wouldn't bet on it.



Maybe what this market needs is REAL capitulation. A close below the lows for 3-5 days. Take anyone who does not want to be in the market out.

QQQQ

Nasdaq seems to be showing some bullish signs. There seems to be resistance at 45.5 which is the August lows and the 400 DMA. If we make it solidly above this point and hold (46.0) then this will have upwards momentum in the short term. Resistance is around 49 which is the 200 DMA and the lows of Nov.

EWZ, QQQQ short update

Here is the performance of the half long EWZ, half short QQQQ strategy since my post from last week.



Ignoring the little spike in EWZ the last minute of trading, EWZ is flat while PSQ is up about 4%, this gives us an average gain of 2% for the week. Not bad considering that this is a very conservative play in the market. If you skewed more toward being short QQQQ, then your performance would have been better.