For Thursday, I think all bets are off. I am looking at a tighter range around the market. I will probably take a directional position based upon which line ( support / resistance ) is broken.

There are some reports , Initial Jobless Claims , and Gross Domestic Product , that are coming out at 8:30, so I cannot expect that information will have been factored in as analyst will have time to read, studied and analyze the reports.

I am thinking more about 1Option’s position that the small trader should take directional bets. I cannot predict the market with 80% accuracy yet, so I have a while to go. But I do think I will have to go more directional to increase my returns. I would have made a lot more if I had bracketed my orders yesterday. When the market was making a triangle, one order above and below with a trailing stop would have made me some money.

I will have to practice those in my paper trade account today.

~squid

Thursday QQQQ Support 43.35 Resistance 43.90 / 44.25

This entry was posted on Thursday, March 29th, 2007 at 4:11 pm and is filed under NASDAQ 100, QQQQ.