Monday, December 22, 2008

QID call

Since the QQQQ closed yesterday on the uptrending support and today almost a full point below the line, it's time for me to buy a QID call.
Because of the significant down turn on the Qs this morning, I bought the call when I looked at the market at lunch time.

Jan09 69 Call for $5.80

Just before the end of the day, that Call was up $0.60
Then in the last 30 minutes of the day, it reversed and turned into a $0.20 loss.
However each of the major indices closed below a 4-week uptrending support with the exception of the RUT which closed at its uptrending support.

So I will hold this QID for a while. My exit earlier will be if the QQQQ breaks above the horizontal resistance at 32

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