Thursday, February 21, 2008

What if there is no gap at open tomorrow?

You sure would be a happy fellow if you have been fading the opening gaps all this week! It would be very interesting to see what happens if there is no gap at open tomorrow. The thing is, the marcro-economy is really dicey, that's why there are more seller than buyers when the market jumps high, but in the same time, plenty of bulls feel that the bottom is in, so they out number bears when the market sinks low. The real test will come when the market opens flat, and we will find who have more convictions. I will keep an eye on some of the key levels tomorrow (69 for IWM, 43.2 for QQQQ, 137.6 for SPY, and 122.2 for DIA), if they are breached on strong volumes, watch out below! In the meantime, how about just sit tight like the big boys do?
Still holding AAPL, if it breaks 120 tomorrow, a test of 117 will be in the card.

No comments: