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Alpha TrendsAlpha Trends is dedicated to unbiased technical analysis of momentum stocks or stocks that look poised for a large move in either direction. It is updated by Brian Shannon with video and written technical analysis of the equities markets and individual stocks. |
Go Slow
Posted on 07/25/2007 13:59:03 | Link | Post Comment
Pre market, the Qs have traded as high as 49.70 (right up to the neckline) but are now backing off a little. The daily trend of the Qs is still clearly higher but I think the market is due for further weakness in the short term before it can turn higher again. Do not chase initial strength, if the market is able to wipe out yesterdays losses it will be very impressive, but I would wait for the Qs to be able to hold above 49.70 for at least 30 minutes before I trusted a turnaround and then you obviously need to remember your stops. The market continues to give mixed messages from differnt timeframes which means that it is best to keep your trades fairly short term.
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