Reading the technical "tea leaves" on the QQQQ's and Nasdaq chart gives me the feeling that we are at the C point of an A-B-C down. Sorry, no chart posted. Just do the 'Helen Keller' and follow along...
The high for the Q's was on 1/19 at 46.64, the low was on 2/5 at 41.12. We are sitting at 44.57 which is a tad over a 50% retracement. Volume looks weak so if I was a betting chimp I'd swing the other way. Since I am a devout CMI follower, I'll wait for the next signal. Even so, this might be a good time to think about setting a stop if you're so inclined.
On the other hand, my second guessing cost me some 'chimp change' last year.
While I'm watching the CMI do it's work, I have been busy applying some of the same principles to the Forex market. This is truly the Wild West of the speculation world, and the lure of 100:1 leverage has bled most traders accounts dry. But I would like nothing more than to take a few $$ out of this unregulated OTC market. If the monkey throws the dart at a currency pair, you'll be the first to know.
Merry Monday Market Movement
2 hours ago
