Friday, October 21, 2005

Confused Market

The last two days the market has had big days. Wednesday was a big move up and then Thursday was a big move back down. Yikes! Unfortunately I've been expecting a really big move down and am long Nov 38 Puts (QQQWL) and have missed out on playing the range. The RSI (5) system would have allowed me to really scalp some great returns, but I have backed away from that method shortly. Yesterday the Q's opened around $38.70 and then dropped to $38.24. As of right now (6:20 am PST) the Q pre-market trading is $38.50. Today will be interesting.

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