ETF CORNER

QID : Air Force One !

QQQQ: Awating for "Operation QID" !

The QQQQ (Nasdaq 100) is a few percents away from its .618 fibonacci retracement. I will look to buy some QID(Double short Nasdaq 100) if we were to reach this level... around $43.5 - $44. At this speed I don't think that I will have to wait too long ! BTW : I remain more than 55% cash and will become overly aggressive with double and triple short positions if we get close to S&P 1125.

Bought QID @ $26.5 Stop Loss $25.8

Just a small trade. Willing to hold on to it over the week end if i dont get stopped out today !! ;) My target on this trade is around $28.

QID : Turkish delight !

Hey everybody ! Just came back from wild "Turkey" where I spent two wild weeks ...so wild that I even managed to bust two ligaments of my knee trying to do this (click here) at a night club while i had too much to drink  :( ! I'll have a knee surgery in September !! Way to go Sergio !

As for the markets, the bounce that has occured while I was away does not alter the long term picture at all ! The long term resistance lines that I've posted back in early April are still not violated (Click Here) !  The cyclical Bull market of 2009 is still alive and will very likely be over soon. How soon ? Well It depends on how fast we get to these long term resistance lines !

Here is a chart of QQQQ (Nasdaq 100) for instance. The long term resistance line is close at hand. Close enough for me to start looking for heavy exposure to QID (Double short QQQQ).

Stay tuned.. I'll be posting more charts tomorrow morning before the markets open ! Cheers