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Lazy Trade Long & Short: FDX & QQQ

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October 17, 2012 – Comments (1) | RELATED TICKERS: 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)

Short: QQQ

 

1 Comments – Post Your Own

#1) On October 17, 2012 at 3:16 PM, kbtoys99 (< 20) wrote:

I like the triple QQQ.If we break above 3500 on the Nasdaq, there is nothing between 3500 and 5000.Technology is on a tear.

 

I do not believe you will get your head and shoulder pattern.

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