The following corrects the option reference on the QQQ play.
QQQ (Nasdaq 100--$33.70; -0.20; optionable (QQQ):
STATUS: The index has not stopped falling for 8 days, generally; at least a look at the chart shows a slide, though the moves from day to day have been short. The index Friday showed a doji near the low of 33.35, but after the "run" down, the QQQ may be ready for a bounce. On that move our target is 35.50-36. The April low is 33.60.
BUY POINT: Aggressive: 33.80 on continued rising volume (up to 95.5 million; avg. 59 million). Stop: 31.50
POSITION: October $27 calls to buy (QAV JA).
Good Investing!
Jon L. Johnson and your Technical Traders Report Team
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