Wednesday, July 26, 2006

S&P Looking Overbought

on today's chart, however other the QQQQ's are not there as of yet.

Seems like SPY is edging ever so closer to the key technical level of 128, but will it really get there?

Should QQQQ again go overbought it will be time to switch to a short only strategy again. I am looking at 4 straight days of trading gains, which is the best I've done since the first week of July. From a contrarian standpoint, I am probably damning my results tomorrow by saying this...