QQQ, DIA and SPY are all on support. Friday will tell the resolution. Meanwhile, in the midst of all of this market volatility, ALDR had a green line break-out to an all-time high on Thursday.
Month: December 2014
$QQQ short term up-trend in jeopardy; mainly in cash; $NVAX strong
I wrote yesterday that it was critical that Tuesday’s bounce up off of support needed to hold on Wednesday to continue the short term up-trend. It did not, with the SPY and DIA leading the QQQ lower. Tuesday’s bounce was totally reversed. I am largely in cash in my trading accounts now as I wait for the dust to settle. (During Tuesday’s bounce, I had closed out my hedge in SQQQ.) So many people have been counting on a strong end of year. This weakness could set that up, but I am not going to bet on it.
One of my few remaining positions is a biotech which Judy alerted me to years ago. It rose on Wednesday, indicating considerable relative strength. Here is the daily chart for NVAX.
32nd day of $QQQ short term up-trend
Stocks reversed up off of support. It is critical to this short term up-trend that these levels hold on Tuesday.