Last Update: 10/2/2018
(follow me @2kaykim for the future updates)
8/27/2018
As I’ve mentioned on my last video (and the one before that, and pretty much all year long), when the bears think that it cannot possibly go higher, well, it does go higher and higher. Laws of physics do not apply in the stock market; market fools the majority–you all know this, yet, most are so weak and insecure about and understanding the primary-term uptrend. As Dow Theory suggests, “Trend is assumed to be in effect until it gives us a CLEAR signal that it has been reversed.” Tell me, do we have clear signal that it has been reversed?
QQQ is still the leader with impressive +17.15% gain YTD. That’s huge, considering the fact that QQQ gained about 35% in 2017. QQQ has been bound by this rising-channel, and support held and resistance (dotted red) cleared last two days. It looks like it wants to retest the rising-channel resistance. I am holding full position since 164.85–more updates later.
TIME-STAMPED
• CALLS ENTRY: 164.85
9/10/2018
Here we are again at the rising-channel support (blue line) and retesting the falling pivot (dotted red) again here. Would it bounce from this rising-channel support here or lose this level to shake people out? Well, we will find out soon enough. However, I will be ready to possibly add more if it pulls back to about “175.50”ish level. You know what happens when so many traders are relying on the support that has been holding for months (market punishes them). So, I wouldn’t be surprised to see it breaking below 180 to create some panic, take out some stops, lure in some bears right before thriving to 190+. You might ask me, but what if it continues higher, Kay? Well, then, we just keep holding what we already have; it’s a win-win! I’m still holding full position since 164.85.
TIME-STAMPED
• CALLS ENTRY: 164.85
9/20/2018
This rising-channel is now 5 months old as QQQ is still respecting the channel support. As I’ve mentioned on my previous update, either way is fine; we go higher, I keep holding my CALLS; we go lower, find a place to buy that dip (this is the beauty of the position trading, once the trade starts to play out you can chillax and enjoy the ride). Currently 184.70ish is the short-term resistance of this micro-term double bottom it has formed right on that rising-channel support. Let’s see if we can retest the top of this channel again. I am still holding full position as of today. More updates later.
TIME-STAMPED
• CALLS ENTRY:164.85
10/2/2018
Since my previous update, QQQ has broken above the short-term resistance (horizontal red) and now retesting it–and small gap is just beneath it. So, I would like to see 184-185 to hold for this minor-term strength to continue, if we can do that, it may get back up to retest the upper channel resistance. QQQ still leading the entire market and still holding the channel support. I am still holding full as of today.
TIME-STAMPED
• CALLS ENTRY:164.85
See Part 1
