Mr. Market must be checking his list twice, because the market is unwilling to make a decisive move in any direction. Today I thought we might actually see a strong upward move, but any momentum that seemed to be there, quickly evaporated. Personally, I did quite alright. My position in Apple (AAPL) continues to flounder, but my other positions are doing well. I took a 1/3 of my profits in two of my positions today – QLD (the UltraLong of the Nasdaq) at 55.80 and PetMed Express (PETS) at 16.92. Both of which constituted gains of 1R.
The charts below are interesting to me in that if the mild Dubai decline is all we are getting terms of a sell-off, then the trend line as drawn on the Nasdaq chart below will in effect, have gotten dramatically steeper. However, that does not go without saying that both the S&P and the Nasdaq face a significant upward trending resistance level overhead, and combined with the steepening of the trend line, there is forming somewhat of a bearish wedge – but it is to early in the candle formation to know for sure.
Here are the Nasdaq and S&P charts…
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