3/12/2020 Seems like we are near a local bottom due to extreme bearish sentiment, but apparently not yet. I sold my QQQ at 181 right before markets closed for a small loss of a dollar a share. Long Boeing in retirement account.

Hi everyone. It seemed like the indexes would bottom today, but the price action wasn’t as strong as when we opened limit down last time. Hence, I closed my position slightly earlier before the market closed right at 181 for a 1 dollar per share loss. I’ve moved some of my money into Boeing because I think the market is overly punishing it. 

For QQQ, I mentioned in the 210-220 zone that we would likely go towards the 180-190 support zone. We actually went there within a week of trading and sliced through that zone of support. The next strong support zone is all the way down at 145 ish, which is another 17% down. I highly doubt we will move all the way down there without a significant bounce in between, so shorting here doesn’t make much sense. 

Below is the weekly chart of QQQ. I’m long Boeing in my retirement account – you can find that trade idea in the tab labeled trade ideas above. 

QQQ weekly 3_12_2020

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