As mentioned in the previous post, the Nasdaq short-term model is overbought. The pre-market futures are indicating a modest gap up at this time, which is what would seem like the best bearish set-up at this point (gap up while overbought after a positive response to Friday's jobs report).
So I am going to recommend a short-term trade on QID at this point, which is the ultra inverse Nasdaq ETF. As discussed in recent posts, some people are in BGZ and may not be making any more trades, which is fine. But for those who want to continue to make short-term trades on top of the intermediate term (potentially) trade on BGZ, I am going to continue to look for solid spots to initiate those trades.
New Trade Recommendation......
Buy QID with a market order Monday morning. This should result in getting in very close to the opening price, which is what I will use for the trade entry price.
Pete
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