Light Week of Trading

December 28, 2022

The week between Christmas and New Years is typically a light trading week and this week is not different. Most of the trading is on the sell side.  This has fueled our QQQ short purchase. 

On December 27, 2022, I closed out my SQQQ position with a 2% trailing stop loss order.  Today my QID position was closed out with a 2% trailing stop loss as well.  Presently, I don’t have any positions and likely will stay that way until after the first of the year. 

The weekly chart of QQQ shows that the QQQ are at the lower end of the trading range, 250 weekly MA.  QQQ has been in a downtrend since the first of 2022.  If a move above the weekly 250-week MA comes with volume, a move to the 90-week MA is possible trade. 

Stay tuned!