Securities Research Services

Monday, January 22, 2007

Small Bounce Expected This Week

The QQQQ experienced a breakout failure last week. Nevertheless, prices are likely going to disappoint shorts and refuse to follow through lower; at least for now. Friday saw decent buying support and we would expect to see prices bounce back higher this week.

Many tech stocks saw serious damage though, so we will carefully consider shorting any strength this week instead of getting aggressive on the long side again.

No comments: