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ShepWave .. Short Term chart for QQQQ Position. Tightening Stop this morning.
by ShepWave.com
Posted: 10/20/2006 11:15 EST

I have published this morning's update to show the short term charts for the current 'short term' position in the QQQQ. Position is up about $.15 ... I am not too impressed with today's action.. .. so we are tightening STOPS to our entry level.

I am hoping that by reading how We (ShepWave) trade the short term trends that everyone can learn something about trading techniques and disciplines.. it is really very simple.. but the most important thing is discipline. The same techniques that we use for the Short Term Trades can be used for any time frame. I will continue to do as much short term action as I can.. At least until we get a mid term trend confirmation.

Click here to read this afternoon's ShepWave Update.

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When the Dow Industrials Index recently hit a multi-year high in May the Financial Television Channels were pumping the rally. Flashing a ticker showing how many points to a new all time high. Who did this help? Click here to see one of many updates published that week showing our analysis and how we were positioning ourselves to PROFIT from the upcoming turn. Are these Financial Information channels helping the average investor or perpetuating denial as to the mid and longer term direction of the U.S. Markets? Click here to read our update from May 13, 2006. TARGETS HIT.

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Reference: Shepwave.com is a technical analysis site for the Major U.S. stock indexes. We use Elliott Wave theory along with our proprietary indicators to give analysis for the Dow Industrials, Nadaq 100 and S&P 500 indexes. We specialize in trading the QQQ and DIA.

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