Nasdaq Update

Last week, I showed a setup in NDX, QQQ, and QID that was allowed by Elliott Wave Theory, when NDX finished 5 waves up to new highs, but the Nasdaq Composite failed to confirm. Monday, I recommended that breakeven stops be used on the short QQQ and long QID trades, or that exits should be made. For those that are still holding shorts, EWT suggests that exits should be made now, since a 5 wave decline is now visiblly complete, or nearly so. Re-entries can be made 50% back, using NDX highs of last week as stops.

QQQ has strong support for a bounce around 54.50 +/- 0.50, and a retracement target back up to 57.50 +/-.50 to use to re-enter shorts. 59.75 should be used as protective buy stop on re-entered trades....116 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

Read the full story and get access to the Real Money Pro trading floor.

There’s no substitute for a trading floor to get great ideas, so Jim Cramer created a better one at Real Money and blogs there exclusively. We then added legendary hedge fund manager, Doug Kass, with his exclusive Daily Diary and best investing ideas. Staffed with more than 4 dozen investing pros, money managers, journalists and analysts, Real Money Pro gives you a flood of opinions, analysis and actionable trading advice found nowhere else, and allows you to interact directly with each expert.

Already a Subscriber? Please login.

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data provided by Interactive Data. Company fundamental data provided by Morningstar. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by Interactive Data Managed Solutions.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

IDC calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.