03 April 2007

Which Way?

So the bulls hit a wall in the 1820 area without the vigor to push through...that 1820 level coincides with the important 1440 in the cash S&P, so through this area and we know we are definitely wrong...NQ's ticking 1817 as I type but I still believe in the trade here...I'll give up 4.25 points of risk to find out, so the hard stop in place at 1822 to give us a little wiggle room...let's see if the selling comes in confirming we are in a trading range until earnings kick in next week...I would also consider buying some puts on the QQQQ here ($44) as a swing trading vehicle but the YukTraderTeam is not trading options this month...jfg.

No comments: