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mrnotadvice OP t1_jecq3zk wrote

Reply to comment by ThicRog in Went long QQQ calls today. I feel very dirty. by mrnotadvice

You mean the count? If only it were that easy. The data points are not weighed equally. This market will go down eventually but there are too many structural reasons why this should continue going up for the next 2-4 weeks, barring any economic outlier news.

Thanks

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ThicRog t1_jecs43n wrote

You reckon price will stay at resistance for the next 2-4 weeks in a bear market?

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mrnotadvice OP t1_jectnx6 wrote

What resistance do you see?

Also, the NDX isn't a Bear market. Either is the SPY technically. If you are talking about all the shit that is going on: banks, CRE, crypto, Fed - yes, that's bearish - but it will take time. My ONLY risk going long QQQs is an outlier news event from one of the members of the shitlist in the previous sentence.

If you see resistance please point it out.

Thanks

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ThicRog t1_jecvpsy wrote

Oh QQQS, my bad on the wrong chart. Do you know what the beta is for it. Would be interesting to estimate how far that cat could bounce.

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mrnotadvice OP t1_jecvzis wrote

Beta on QQQS is 1.234 - from TOS.

Also added a new trade for the morning: QLD July calls.

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