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.