QQQQ - Nasdaq 100 - Intraday Double Bottom; Traded the SSO / QLD as day trades.
Still not really comfortable holding anything as a swing trader overnight, but I before I headed out this morning I found a nice quick trade in the QLD and SSO based on the Q's (and SPY).
Below I've highlighted the Q's on an intraday 5 minute chart.
Normally I don't trade the index ETFs and prefer to trade stocks, but this was just too good to pass up.
We're headed into the 2nd half of options expiration week and with how crazy things have been the last month, I really wouldn't be surprised if things got even crazier over the next few days. I have no idea and no edge to which way the markets can turn. I feel that a lot of it will be dependent on the earnings reports, especially of those financial companies later this week. In particular I'm closely watching Merrill Lynch on Thursday after the bell (I would not at all be surprised if MER or other financial companies come out early with their earnings reports and announce capital raising &/or other measures at the time).
Until then I'll look for day trading opportunities or just sit back and observe.
If you are trading, be sure to keep the following quotes or charts on your screens at all times: FNM, FRE, LEH, MER, WM, WB, USO and the XLF.
** On a side note, I have to say during times like these it is definitely great to have a job / source of income that has nothing to do with the markets. It puts me in a mode/zone where I know I can wake up and not have to force any trades. I can just sit back and take what the market gives me. If I don't see any low risk opportunities or trades that I'm comfortable with, it's easy to just pass and focus on something else.
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