Blog Post: Day 4 of $QQQ short term up-trend; $GOOGL holds GLB, see weekly and daily charts; Holding my nose and flying on instruments with $TQQQ

@ 9:11 pm
GMI6/6
GMI-27/9
T210861%

While I can think of many reasons why the market will not remain bullish now, I am ignoring them and following my rules. We finished day 4 of the new QQQ short term up-trend and Friday will reach Day 5. I have repeatedly found that if I just held TQQQ from early in a new QQQ short term up-trend I would have outperformed most individual stocks. So I bought a little TQQQ on Day 1 and am slowly adding more. I may buy more again on Friday when it will likely reach Day 5. One has to move quickly with the leveraged ETFs and limit losses, however. See Les Masonson’s excellent recently published book on the topic.

I am also holding some GOOGL. GOOGL had a recent GLB and is holding the green line (207.05). How nice to ride such a leader, for now. See the weekly chart below. Note GOOGL has been riding above its rising 4 wk avg (pink dotted line) for 10 straight weeks. This is the pattern of an advancing stock. See also its daily chart. If GOOGL CLOSES back below the green line, it is a failed GLB and I will exit immediately.

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Blog Post: Day 2 of $QQQ short term up-trend; Stocks are strengthening and $QQQ remains in a daily RWB up-trend and has closed above all 12 moving averages, see adapted daily Guppy chart; starting to slowly accumulate $TQQQ

@ 9:18 pm
GMI6/6
GMI-26/9
T210859%

The gray dotted line is the daily close. All shorter term red averages are above the blue longer term averages with a white space between them (RWB) up-trend. If the new up-trend continues more than  5 days, I will accumulate more TQQQ. Many of my setups have begun to work again, a good sign of market strength. The GMI is back to 6 (of 6), another sign of strength.

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Blog Post: Day 2 of $QQQ short term down-trend, likely to end on Monday; Les Masonson’s new book about TQQQ and leveraged ETFs just published!

@ 9:30 pm
GMI5/6
GMI-24/9
T210850%

I told you that 40% of new QQQ short term down-trends end within 5 days. This may be one! The longer term GMI has remained GREEN throughout this period. Let’s see if this Fed induced bounce will hold.

For many years I have posted an analysis showing how the 3x leveraged ETF, TQQQ, outperforms almost all individual stocks during my QQQ short term up-trends. Les Masonson has just published an extraordinary analysis of these ETFs and several TQQQ trading strategies.This book should be in every trader’s library. While I knew how solid Les’ prior books have been, I was unprepared to read the extensive backtesting and analyses of leveraged ETF trends and their history that this book provides. I had no idea there were so many different ETFs based on QQQ. You can read my review of the book on Amazon.

There were so many stocks that bounced from oversold on Friday. I am waiting to see which have a nice follow through this week. If we get a new QQQ short term up-trend, I may gradually accumulate TQQQ.

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