Tuesday, August 9, 2011
8/10/2011 - QID (NASDAQ 100)
THE VULCAN REPORT
Review of $1$ QLD - PROSHARES ULTRA QQQ ETF (QLD)
as of Tuesday, August 09, 2011
Today's Price Action
Change 6.3900 (9.25%) prices closed higher than they opened. with strong Bids going into the close.
PulseScan Swing Vix
Swing Vix: -35.77
The Market Pulse is negative since it is trading below its zero signal line.The PulseScan crossed above the Swing Vix creating a UP Trend Channel as of 0 period(s) ago.This means that positive momentum has entered the market. Expect sideways to higher prices within the next 3-5 days However, the Swing Vix just crossed above -39 from a bottoming formation. This is a bullish sign.
A buy or sell signal is generated when the Swing Vix moves out of an overbought/oversold area.
*The last signal was a Over-Sold Buy 0 period(s) Ago.
The Swing Vix does not currently show any Failure Swings.The Swing Vix and price are not diverging.
*Since the last Swing Vix signal, $1$ QLD - PROSHARES ULTRA QQQ ETF's price has been unchanged, and has ranged from a high of 75.58 to a low of 67.05.
MARKET TREND - Currently the TREND is VERY-BEARISH - Heavy Distribution.
TREND STRENGTH - WEAK - RANGE BOUND (Prices have ceased trending and have become consolidated at this time) The market has put in a short term bottom. This means that the bears are liquidating short positions thus taking some profit off the table.,,,BEARISH MOMENTUM
The close is currently Below it's PulseWave Cycle TRENDLINE RETRACEMENT. - 73.93
The close is currently Below it's Long Term TRENDLINE RETRACEMENT. - 80.74
INTRADAY PRICE PROJECTIONS
RESISTANCE 76.01 GO LONG here
SUPPORT 66.62 place stoploss here
WEEKLY PULSE WAVE PRICE PROJECTIONS
PulseWave BreakOut RESISTANCE - 98.35
PulseWave BreakOut SUPPORT - 85.30
Long term Trend Line resistance is currently at - 73.93
Long term Trend Line support is currently at - 50.77
BEAR MARKET DOWNTREND - (12-18mo) PRICE TARGET = 4.46
DEFLATED BUBBLE PHASE I - (24-36mo) PRICE DESTRUCTION TARGET = -41.85
DEFLATED BUBBLE PHASE 2 - (42-60mo) (PANIC SELLING EXTREME FEAR) PRICE DESTRUCTION TARGET = -88.16
DEFLATED BUBBLE PHASE 3 - (72mo+) (THE STOCK WILL PROBABLY BE DELISTED AND/OR FILE FOR BK 11) PRICE DESTRUCTION TARGET = -134.47
On 8/9/2011, $1$ QLD - PROSHARES ULTRA QQQ ETF closed
above the lower band by 5.1%.
This combined with the steep downtrend suggests that the downward trend in prices has a good chance of continuing. However, a short-term pull-back inside the bands is likely.