CurtisM
Long

QQQ Daily, 05/09/2014: Weakness confirmed by falling MA's

NASDAQ:QQQ   POWERSHARES QQQ TRUST, SERIES 1
189 3 3
Q's continue to find sellers at the upper falling trend line . While the 9EMA is above the 20MA, which is bullish , all of the shorter term MA's, including the 9EMA, are pointing down, which is bearish . At $86.80, the Q's remain stuck between the recent high of $88.21 and the recent low of $85.11.

What's bothersome here is that the ADX line is moving up and this indicates that this down trend the Q's have been in since March is growing in strength which will make a break of the upper trend line even more difficult. I'll be watching to see if the ADX continues to rise early this coming week.

I continue to hold TQQQ             , with a stop, as I wait to see which way the Q's intend to go. If the Q's should break below 85.11 then I'm out of TQQQ             , but, if the Q's break the falling trend line then I will add my last 1/3rd position. However, due to the impact of option decay, the little profit I have in TQQQ             is being eroded so, unless Q's break decisively above the falling trend line early in the coming week, I may just exit the position to avoid any further erosion. Not really sure yet but the first couple of trading days next week will likely help me decide what to do next.

I sound uncertain and I am.

Be careful & GL in the week ahead.
I don't mean hard fall. Gonna sideways this stuff if they can.... wave it. Then, fall.
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CurtisM stockSMASH
biff, all the scenarios you mention are certainly plausible as the market just can't seem to make up its mind. Search & research and back test as I might I just cannot figure out what the market has in mind from here.
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mo fos gonna gap down... worse case... OR slide down. I betcha we fallin' on monday

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