Our stock trading strategies are based on surprisingly simple yet effective no nonsense logic that is uncommon in the stock market. For our short term trading strategy we: Buy at support; we take small, quick profits; and we use the 10/2 rule so that we never slip backwards.
Friday, June 10, 2005
Support Test Success
We are very tempted to become bullishly, if not irrationally, exuberant after yesterday's strong showing. The QQQQ bounced of the 20-day average provided in this morning’s report – note that it actually traded higher than Wednesday's highest price, turning the corner. At the same time the SMH broke out to a new high, crossing over the heavily defended $35 mark after failing to follow through on its first attempt. All eyes are now on INTC to see if it will give bulls a boost with strong earnings. The charts don’t lie, but they need follow through before the word “irrational” can be deleted letting exuberance stand alone.
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