Strategy: Sell 5 Bear Call Spread contract (46/48)
Sold: $0.945, 8/26
Buy: $0.45, 9/3 (today)
Profit/Loss: + $245
Grade: 5 (1 is worst, 5 is best)
Enter trade reason: QQQQ cross 22ma to bearish region, slow stochastic and MACD show bearish region as well.
Today is a good day, end my day with 200USD profit. I grade it a grade 5 trade, because it is within my 2 weeks target, with profit percentage > 50%.
The recent market sentiment is bad, with subprime issue is still hanging around, I do not foresee a bullish market coming back too soon. As you see Dow Jones having its 11800 overhead resistance, the chart seems like forming a potential head and shoulder pattern, it crosses 22ma level to become bearish.
Though oil price is getting lower now, but the market see it as a bad sign as oil demand drop. Which means that the economic slowdown might become another fear.
Now QQQQ having its support on 44 level, if QQQQ plunge through 44 level, it could be another potential disaster.
My 2 cents of thought, happy trading ....:)
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