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By Mike Paulenoff, www.MPTrader.com
So, the $64,000 question is whether or not we saw THE capitulation low during the first 20 minutes of trading this morning, or one of a series of capitulation lows that will be forthcoming in the upcoming hours/days? Let's be aware that all of the major indices remain in negative territory on the session, which eliminates THE capitulation scenario unless they close in positive territory. It may seem like an eternity, but we must wait for the final 20-40 minutes of trading today to get more answers. In the meantime, I remain 50% long the Q's in our model portfolio with stops in new low territory -- as I try to keep my emotions in check during what could be a real roller coaster ride as the day grows older. Purely from a technical perspective, let's just understand that my current long position is to try to take advantage of intraday volatility, because for the Q's to get anything going on the upside prices must hurdle and sustain the declining tops line, now at 32.90.
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
