Minor Correction Completed in Q's? - Mid-Day Minute for Tue May 8th 2007

May 08

Minor Correction Completed in Q's?

by Mike Paulenoff, Tue May 8th, 2007

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The fact that the Q's (Nasdaq: QQQQ) pressed exactly to the Apr-May support line, held, and then reversed strongly is an indication that perhaps a minor correction already had run its course since last Friday's high. Furthermore, the pattern carved out from last Friday's high into this morning's low exhibits classic pullback form, rather than form that would argue that a larger decline was or is developing. These factors compelled me to exit the short position, looking for a retest of the 47.00 area in the upcoming hours -- perhaps in reaction to CSCO's earnings later today.

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!

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