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Overbought QQQQ & OIH

 
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PostPosted: Sun Jul 22, 2007 8:51 am    Post subject: Overbought QQQQ & OIH Reply with quote

QQQQ and OIH are likely to consolidate or pullback, over the next few weeks, since their weekly RSIs and ULTs are both at or above 70 (see weekly charts below). Consequently, at this point, bold trades can be made on QQQQ Sep 50 or Aug 51 puts and OIH Aug 190 or 185 puts. Substantial gains can be made on small pullbacks, e.g. a 1/2 point QQQQ or a three point OIH pullback. It may be best to wait if QQQQ rises above 50 1/4 or OIH rises into the high 180s, next week, before buying puts. Both QQQQ and OIH may hold their 10-week MAs, while trading in a volatile range, over the next few weeks.


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