Hi everyone. I just realized that I posted yesterday that I missed the blog post on 9/18, but today is also 9/18 hmm… I guess it must have been just past midnight when I looked at the date yesterday. Anyways… here’s QQQ:
I mentioned 2 Fridays ago that I was expecting a move down in the indexes. That has happened, but now I suspect QQQ will bounce back to the 187 area by sometime next week. As you can see, QQQ has bounced off the 50 day moving average the last couple times, which also happens to be the bottom of the trend channel I drew in the chart above.
BABA is now below 160, and looks like it will slide even further. I still love the company fundamentally, but would stay away due to the technicals not looking good. There’s a slight chance I will buy some at or below 153 (the previous low), but will probably stay away for now.
Although MU bounced strongly off the low 40s towards the end of last week, I would avoid buying any right now, unless it is for a very quick bounce trade. Like I mentioned in previous posts, I think MU is entering the downward cyclical cycle now, where DRAM and NAND prices drop significantly and MU stock plummets. Again, this is just a guess, and I could certainly be wrong. I think in the next 3-6 months, we will see MU in the mid 30s.