7 thoughts on “31st day of QQQ short term up-trend”

  1. I came across an article from the Worden Reports on Nov 2003 where you laid out your strategies. Very informative! I was wondering if the Darvas scan pcf you referenced in this article is the same one you reference now in your daily blog?

  2. Hey Scott. I guess welcome to the Wishing wealth blog. I will like to chyme in here. I believe the market is a bit too extended. I will not place any positions here based on the action of the main market indexes. However, for each stock it may vary. However, majority of stocks are extended and probably would be safe waiting for them to come down some. I will wait a week or so to get a pull back at the very least. I can tell you that a pullback is on the horizon, but to what magnitude remain to be seen. With the Greek tragedy and Europe on the brink I will remain on sidelines until a pull back of some sort takes place. If pull back is too severe, I may reconsider buying anything. I think what a lot of traders forget is that a stock never takes a direction in a straight line. Instead the movement is haphazard. In order, to place a trade with great timing, the stock should retrace 2-5% of its most recent peak. I would hold out until the market corrects a bit and then look at the situation with the market has reached oversold territory by looking at T2108 to be below 20 or the 10,4,4 day stoichastic on each of the main indexes to be 20 or below.

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