Nasdaq Trading In A Range 2350 – 2470 Roughly – Increased Position In HQD.TO

Nasdaq 6 month chart from August 2011
I’ve been keeping a close eye on the Nasdaq and it has been trading in range right now between 2350 to 2470. There seems to be downward pressure because every time it rallies up, it cannot seem to get past 2470 to shoot through previous high of around 2560.

All over the financial news, they say that traders are all waiting for an announcement from Ben Bernake at the Jackson Hole, economic conference. So, that is why there is a range being formed until the Friday announcement.

I maintain my initial hedge that Nasdaq will continue its downward pressure / movement to around 2100 – 2200 that is why I have increased my purchase of Horizon’s Nasdaq bear ETF (HQD.TO) by another 300 shares.

Well, let’s see on Friday where all this goes.

by Das Brain

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This entry was posted on Thursday, August 25th, 2011 at 12:14 pm and is filed under ETF, Option Trading, Stock Trading, Technical Analysis. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

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