#QQQ: Solid trend day
Friday's bearish doji gave way to day of solid buying though at a much more muted volume. The trend day brings #QQQ to an interesting point from where it can catapult another 11% to 214-15 area if the potential of the 13 bars box can be realized.
VIX has started to roll down but is still quite elevated. Indices will rise as dealers/MM's close short put positions before volatility compresses too much as they lose money if VIX keeps dropping.
With C-19 cases in Italy plateauing and China reporting stronger than expected PMI indicating economy expansion, the bears may have to scramble to cover driving the markets up in a squeeze.
Also, the talk of additional stimulus has begun to circulate, adding further support for the bulls.
VIX has started to roll down but is still quite elevated. Indices will rise as dealers/MM's close short put positions before volatility compresses too much as they lose money if VIX keeps dropping.
With C-19 cases in Italy plateauing and China reporting stronger than expected PMI indicating economy expansion, the bears may have to scramble to cover driving the markets up in a squeeze.
Also, the talk of additional stimulus has begun to circulate, adding further support for the bulls.
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