01Dec3:41 pmEST

Making a Move on the Nasdaq; Chess Moves

chess-painting-11952 I placed 4% of my trading portfolio capital into a long SQQQ position, just now, at $29.23. SQQQ is the ultra-short Nasdaq ETF. I am playing for major Nasdaq components, such as AAPL GOOG, among others, to pull back in the coming days, dragging the Nasdaq down with them and their heavy weighings. My protective stop-loss on the trade is if SQQQ loses $28.50. At a minimum, I am also playing for the QQQ ETF to come back down to its 50-day moving average, just below $100 currently. I have been quite patient in terms of waiting to short the major averages. But I am taking my short now that Apple has broken its steep rising wedge, which I discussed earlier today. See you after the bell for my video market recap.

Duck and Cover from These Tw... Stock Market Recap 12/01/14...

 
BackToTop
 

This website is intended for educational purposes only. | © 2019 MarketChess.com | All Rights Reserved | Website design by Saco Design | Superpowered by Site Avenger

mobile site | full site