Monday, August 02, 2010 – Early morning observation
Asia markets closed higher. The NIKKEI closed up by 33.01 points or 0.34 percent and the Hang Seng closed up nicely by 382 points or 1.82 percent. As of this writing, the STOXX 50 is up 51.45 points or 1.88 percent.
The US futures markets are higher substantially as follows:. The DJIA Index +117.00, S&P 500 14.0, and NASDAQ 100 21.75, respectively. I will be a seller of my long positions premarket and repurchasing my longs at their Friday’s gap level. I would buy a small position at these gap levels to make sure it holds. For example, 10% of my allocated funds on the Q’s at or near $45.81. Then by next order will be 25% at $45.69, 25 percent at $45.22, and 20 percent at 44.93 percent and 20 percent at $44.64. I don’t feel that the bears will be able to pull the Q’s below $45.69 given the strength of the futures market as of this writing. The VXX is in the low $20 so it’s surprising that we will have such a move in the markets as indicated by the futures. I will update my market remarks by around noon after I analyze the morning trading activity. Good luck making fast money trading.
Technical Analysis
Swing trading based on eastern and western studies.
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