Intraday bounce setting up?

So the overanxious Bulls rushed in to buy and were met with short sellers. We continue to believe that stronger dip buyers lurk around the NAZZ 2165 to 2170 level. With that said, we are glad that we did not rush in with the immature Bovines but are now looking to scale into some long QQQQ positions for a short-term trade.

Oh and by the way, for the last two weeks we have been preaching that Oil would head towards the $65 price point on the run that started at $56/barrel. Oil has indeed cooperated for us, as such we are selling more of our energy plays into that strength.

MSFT is giving up a lot of its recent gains (down 1.7% as we write). This is actually making the averages look worse than they really are. With Semis and Small Caps flat to slightly down and breadth a tad weak, we think the makings of a playable intraday bounce has arrived. Our stops are tight and our profit target is to the underside of the uptrend line on the NAZZ from July 11, 2005. This would be around NAZZ 2190-ish.

-Just throwing in a sacrifice to the long-side trading Gods.

___________________________________________________
The analysis, opinions and/or forecasts expressed on the Kcap Trading Blog (“KTB”) are for informational purposes only and should not be relied upon in making investment decisions. By using this site you agree that Kleiner Capital Management, LLC (“KCAP”) and its principals are not liable for any action you take or any decision you make in reliance on any content. Please be aware that there is no commitment by KCAP to update the KTB. Furthermore, there may be inconsistent timing and follow up (if any) of posts.
None of the information on KTB is considered individualized investment advice and should not be construed as a recommendation or solicitation to purchase any securities. Reliance on information provided on KTB in no way establishes an advisor-client relationship. Investors are encouraged to seek the advice of a qualified investment professional prior to investing funds.
Clients of KCAP, as well as the firm’s principals and other employees, may be invested in securities discussed at KTB. However, any mention of said securities is not intended to influence market conditions for the security to the benefit of KCAP clients and/or principals and employees. KCAP is not affiliated with any advertisers on this site and does not endorse any of their content. For additional information and disclosures, please visit www.kleinercapital.com.
The information on KTB has been furnished from sources we consider to be reliable, but no guarantee is made with respect to accuracy.
___________________________

Click Here To E-mail Comments