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Market Update Thursday 5/21/09 $QQQQ

May 21, 2009 at 9:40 pm | Trade Artist | Comments 0
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The market fell short of our 950 SPY target and formed a lower high on the daily chart. I still believe we will end up breaking the March lows so just in case this starts the move I took a position in QID (Ultrashort QQQQ) today. The question will be whether the market can break below the prior pivot and form a new downtrend. Both SPY and DIA bounced right off their swing lows today while the Q’s never traded down that far. My stop is above the last swing high at $35.05. If this end up being the end of the bear rally my first target will be around $20 and ultimate target around $10. Sounds crazy I know but the economic stage is set for another big move. Probably means nothing, but look where the 1.618 and 2.618 fibo targets are when you draw retracement lines from the March lows…

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