Lazy Trade Long & Short: FDX & QQQ
It's not very often that I focus in on the ETF's as a trade but the action we are seeing in the Q's (QQQ) is undeniably attractive to the eye. You have a textbookhead and shoulders pattern followed by a break down and then rise that takes price right back intoresistance.
If you look at the S&P, you'll see as well, that it is having resistance of its own to deal with. So both indices could see some selling pressure heading into the close or as we progress through the week.
On the flip side, FDX looks like one of the safer long positions to be in until the market figures out which direction it ultimately wants to take. Until then, I plan on trading conservatively, and not over exposing myself in any one direction.
Here's today's Long and Short Setups.
Long: FedEx (FDX)