Looking Ahead

The overseas markets are up once again. This has been a good indicator of how the U.S. market starts the week. I am purposely keeping my stop on the QLD trade away from the current price since I still believe the NASDAQ, currently at 1621, will run into the 1800 area. I have locked in 7% from this trade which has gained more than 13%. Nothing runs in a straight line but I wouldn't be surprised to see another big day next week. No predictions are needed here, except for next weeks Masters winner, since we are following the CMI predictive signals only.

Guestimating the direction of the market is useful only to test short term methods and indicators, and to hone the 6th sense that keeps a trader in tune with the market.