Eye on the Q's - Mid-Day Minute for Wed October 8th 2008

Oct 08

Eye on the Q's

by Mike Paulenoff, Wed October 8th, 2008

Be alerted when Mike posts an article

Eye on the Q's
By Mike Paulenoff, www.MPTrader.com

In a few of my recent updates in the Q's (NASDAQ: QQQQ), I mentioned an optimal next trading target zone of 33.00 to 31.50. With this morning's low at 31.35, I am on alert, watching the pattern development off of the new low in an effort to determine if the Q's are a high confidence buy (yet). With that in mind, let's notice the near-term declining tops line off of yesterday's mid-session peak prior to the last hour plunge. Every rally peak has failed at a price lower than the prior rally, which is a warning signal that the Q's have to do more work off of the 31.35 low before a sustainable recovery rally period emerges. In any case, to get anything going on the upside, the Q's must hurdle 33.90 to take out the prior rally peak AND the declining tops line.

Chart

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!

Mid-Day Minute

Featuring Mike Paulenoff

MPTrader features Mike Paulenoff's real-time technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices & sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking.
Sign Up for a Free 15-Day Trial…

Mid-Day Minute

On Wednesday we noted to subscribers that VECO Instruments (VECO) appeared to have completed a pullback when it hit its January 27 low of 23. More…

What's Inside Mike's Trading Diary?

Click to view the tour

Click to take the tour...

Recently Closed Trades

Jan 25 - Jan 25: Silver Wheaton
(SLW) +6.30%
Jan 20 - Jan 26: Kinross Gold Corp.
(KGC) +12.82%
Aug 08 - Aug 09: Apple Inc.
(AAPL) +3.54%

Testimonials

“Mike, I just want to say how much I like this new format where our questions are on the same page as your trading information. I suspect it is creating more work for you, since we are now asking more questions, but I'm sure I speak for many when I say that I find it very informative and helpful. And, by the way, I think you're a genius!” —Subscriber JQRESQ, Trading Room post

“Using services such as Paulenoff's...is like having a trading mentor walk you through the trading day.” —Futures Magazine, September 2003

“Mike's analytics of the market are the best I have ever read.” —Olga Rabichkin, Los Angeles, Calif.

“Mike Paulenoff is the Michael Jordan of trading! It is incredible how he succeeds even when it seems the market is going the oth er way around. This is the greatest service I've ever tried!” —Alessandro Merra, Rome, Italy

“I am really enjoying your service and I am making good money, too. I learn a lot and I earn a lot!” —Raleigh Makarechian, Westminster, Colorado

“Mike, you take the technicals to another level for me. You put all the pieces together. No one is 100%, but you come damn close ! You have the best service I have ever come across. You are honest, sincere, and a straight shooter!” —Cliff Trovarelli, Baldwin, N.Y.

“Mike 's superb and timely running comments are invaluable. He tells it like it is, giving reasons for expected near-term ma rket direction and reliable target prices. I especially like the up-to-date history charts with various pivot points, explanations and target prices, th en followed up with frequent intraday notices with the "ca-ching" alarm.” —George Wolfe, Rogers, Ark.

“Your service is wonderful and making me lots of money!” —Moshe Rabin, Coral Springs, Fla.

“Since February (three months) trading options in the ETFs along with Mike's analysis, we have about doubled our portfolio in two accounts.” —Joe Arrowood, Ashville, N.C.

“I have been with MPTrader going on 5 years and I have always appreciated Mike's insights, thoughtfulness and reasonable price.” —Ed Milstein, Sedalia, Colo.

“Mike Paulenoff is the best index chart analyst I've seen!” —Harry Boxer, The Technical Trader