NQ Pumptard Scenario
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Market going against all of my indicators, plus against other world markets....
Appears that we are going to melt up until the stimulus package is approved. Hate to bet against my indicators, so took a small position in AAPL calls and a few shares in my 401k. I figure 5G iPhone, earnings end of month, breakout from a pennant and an inverted H&S pattern. (See my AAPL post)
AAPL heads in the same direction as SPX and NDX, so big potential for a drop in this overbought condition, but going with the chart pattern read instead. Probably will kick myself next week, lol.
No shorting until a double top or after the stimulus is announced.
Appears that we are going to melt up until the stimulus package is approved. Hate to bet against my indicators, so took a small position in AAPL calls and a few shares in my 401k. I figure 5G iPhone, earnings end of month, breakout from a pennant and an inverted H&S pattern. (See my AAPL post)
AAPL heads in the same direction as SPX and NDX, so big potential for a drop in this overbought condition, but going with the chart pattern read instead. Probably will kick myself next week, lol.
No shorting until a double top or after the stimulus is announced.
Komen
Note: Futures in the green but buying into an overbought condition is dangerous. Trade at your own risk if you decided to chase this meltup.Komen
The thing about futures is that it is a zero sum game. For every contract, there is someone long as well as someone short.With the market now shooting for a double top, I doubt anyone really wants to short futures.... and now it's melting up.
Problem with a melt up is that it can sell off at any time. Tread carefully. Overleveraging during a meltup can lead to disastrous results.
Komen
Appears the Asians are back to pumping NQ again, other indices are more or less flat.Overlay shows gap up and whipsaw sideways for Monday, so I'm going with that as a prediction. Overlay also shows it's a bear trap....
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