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RE: 7/14/17 QQQ long term top call
Know your seasonality. Since year 2008 - 2016 the NDX has closed green for the month July. Not one month closed down. With a stat like that I would not get all bearish in July. In fact I´ll add to my 2500 spx call. The NDX has the potential to trade to 7000 EOY or very close to it.
My bullishness is not making me a star over here at steemit. I´ll let you keep the star title.
I read somewhere yesterday (I think it twas ZeroHedge.bomb) that they wiped the shorts out this week. Short interest at the lowest since 2007. "Hopefully" the compooterized trading wizards don't take things too low early in the week. Methinks they will wait until July OEX is over before anything "big" happens though. :-)
Joe Fahmy says............
Joseph Fahmy @ jfahmy Jul 13
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Latest short interest data is out. Shorts in AAOI are EXTREMELY stubborn.
Look at QQQ short interest , as high as it´s been for the past six months. . http://www.nasdaq.com/symbol/qqq/short-interest
Wait til the stats after last week's Janet "about face" come out. At this point it is pretty much "suicidal" to be long pretty much anything. But check with me often as I will always have a gem or 2 to actually buy...even as I single handedly take Silly Con Valley, cali into the sea. :-)
Who knows. NDX breaks current all time highs, could witness a stop run. When the market turns, it will show it´s hand. It always does.
However with with my vantage point below, nothing goes up straight . With fib targets up at the 2500 level, or 2494.50 , I would not be surprised to see price react there. Then there is time , where starting at the May 2015 high to Feb 2016 low, the ES made a close low which was exactly the same amount of time of 266 days or 38 weeks as the previous two anchors. Going into the end of July, first of August, if the spx is at 2500, investor sentiment turns up. Who knows with the old VIX (VXO) currently making new all time lows for the last two months.
ES
https://www.tradingview.com/x/gWzKn03V/
VXO Old VIX fresh all time low Friday. https://www.tradingview.com/x/5p9bsCiu/
Look at the VIX. Made a weekly close at 9.51 the last time the VIX had a weekly close that low was the week of Dec 20th 1993 @ 9.48 which is the weekly all time low close. The market had a choppy upside bias the next 5 weeks after the 9.48 low. Then proceeded to pullback 9.73% Who knows what will happen this time. This is all bs
VIX 2017
https://www.tradingview.com/x/8N0HJyFO/
VIX 1993
https://www.tradingview.com/x/JqF9pLpA/
SPX 1993-1994
https://www.tradingview.com/x/07NvYZzO/
Initial QQQ downside target is now 137.94. That's close enuff for the compooters to take out as early as tomorrow but since the cheeeps are not quite lined up eggzacly right I would be "hoping" they could retumfy it by say Wed...even tho I am already short the SPY ...a tad too early admittedly, but not by much.
Ryan Detrick, CMT @ RyanDetrick 7m7 minutes ago
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Ryan Detrick, CMT Retweeted NBC News
Just remember that the Dow Jones Taiwan Stock Index closed at a new weekly all-time high on Friday ...