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Made a long trade on the QQQQ’s

The downside appears to be limited given investors have been selling for the Nasdaq 8 days straight lower.  Goldman recomended a buy on the drug stocks which is supported the QQQQ that are present in the index.   London is scheduled to make cuts in rates tomorrow, and Beranke is set to make a speech tomorrow. Got in when the Nasdaq was down.   Berkshirt hathaway said they are looking to make a deal with one the current morgtage insurers which should limit the downside move in the stocks in the next 24 hours.  I am hoping a short term bottom has been achieved. Solar stocks also look over sold short term trade set up.  CMED a medical device company with strong growth in China just covered a gap.

Not alot of  profit in trade.  Just looking for a quick gain on the Jan 46 call options.  Taking profit early tomorrow on what I hope to be a pop, and positive close today.   I have been short QQQQ most of the past week.

January 9, 2008 - Posted by | Uncategorized | , , , , , , , , , , , ,

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