Friday, August 12, 2011

QQQ's weak rally

The market pulled off a quiet rally today without much volatility. This week was one of the markets most volatile weeks in history which made it very difficult to get a read on the market. We got a small gap this morning that didn't get much follow through. I still think we could continue with this bounce that we are getting in the market but I wouldn't be surprised if we chopped around here while the market consolidates the extreme volatility we have been experiencing. I believe on the top side we could get near the $55 area which could serve as a strong resistance area going into an options expiration week.

The market still seems weak and I believe it's still to early to decide which direction the market wants to go to open swing trades. Daytrades are the best way to go for now. You want to stay nimble until the odds move back into your favor and you have a good feel on the market.

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