The markets opened really strong, but ended weak. IWM had a very bearish candlestick, down from a resistance line and QQQ had a topping doji which ran into the next layer of resistance. The rising bearish wedge in the daily chart of IWM and multiple resistance lines in the QQQ daily chart made me decide this morning to stay in my QID and TWM positions despite the strong open, and now after the close my positions look fine (a little down), well within my comfort zone.
We'll see what tomorrow brings. I don't expect a long pullback, perhaps somewhere to the 20 EMA, due to the fact that the 50 MAs are still pointing up. Hopefully I can squeeze a few dollars per share out of this. If the markets decide to go up tomorrow, I might sell my positions at a small loss.
Howard Milano
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