QQQQ Friday

The candlestick for the day was 'indecision'. Although the optimists
are calling this an up end to the week. The chart says it's a price
hanging on by the fingertips. This 'Up' day still failed break above
the 7 day moving average and closed well below it.

What is undecided is weather the Bulls are going to start fighting here
to hold $40 or fall back to $38 and hope they can hold that line. I bet
the bears make it at least to the $38 within one or two weeks and
possibly farther. The long term overbought condition will no longer be
ignored. I'm waiting for the Bears to confirm the main attack by
breaking the neckline of the head and shoulders pattern.

My big bear winners this week were XAU and EWJ.

-Luke