The NASDAQ made a nice bounce today after getting beat down the last few days.

This was bad news for my QID position that I entered yesterday. I knew I would probably take some heat on this trade, but now am beginning to think it is not worth holding. It seems these ultra ETF’s are good for day trading and maybe holding for a single night, otherwise,  very hard to hold on to, at least for me.

I would like to wait for this to fill the gap, then make a decision to sell or buy more, but I will likely dump it before then.

I think the market may bounce here. That’s from looking at the McClellan Oscillator, which is starting to tick higher.

I am still holding some shares in ANV and EXXI, which both had a good day.


So I am looking for some long setups, which I found almost none to add to the Watchlist. I am adding just one chart for tomorrow.

Trade Ideas for 08/26/10:



Good luck and good trading!