The rampaging bull paused as the week drew to a close, presumably to gather strength for a run-up to the 143.29 target shown or higher. This is not yet a done deal, since the stall just inches shy of the 141.43 secondary pivot indicates that the QQQs know it’s there and that it may not be a pushover. On the other hand, the rally shredded the 140.00 target of another promising pattern, implying that significantly higher prices impend — if not right away, then presumably following a moderate correction. Note as well that the point ‘A’ low I’ve used leaves room for lower alternatives, and therefore higher targets. If the rally were to complete the pattern tied to the lowest of them, 130.38, the new target would b e 145.13. We’ll move to the sidelines ahead of Tuesday’s opening, since there’s too much guesswork in trying to predict how stocks will open following a three-day holiday weekend. We hold no position at the moment, since two separate orders to buy put June 9 put options on Friday went unfilled. Some puts we’d held from an earlier trade expired worthless, but not before subscribers had the opportunity to exit most of them for up to ten times what they’d paid. _______ UPDATE (June 4, 6:30 p.m. EDT): The Cubes are headed to the 145.13 target flagged above. Here’s the chart, and you can judge for yourself how very un-likely it is they won’t get there. Short the target aggressively, but I recommend doing so only if you’ve been long for the ride to it. Here’s how to catch a ride: Bid at the pink line ‘mechanically’, stop 142.03, day order. ______ UPDATE (Jun 5, 8:34 p.m.): If QQQ gets within 0.06 of the target on Tuesday, buy four June 16 145 puts, day order. There is not enough chart information to allow me to project a downside target for the puts, but my ballpark estimate is that they will be trading for around 1.20-1.30 if the underlying rallies to 145.13 on Tuesday. _______ UPDATE (Jun 6, 6:50 p.m.): The Cubes faded well shy of the 145.13 target, stranding our bid for puts. The fact that they made little headway even on the opening bar, when the dirtbags who manipulate the stock for a living have the most leeway to rip off buyers, suggests the downtrend is going to get legs. _______ UPDATE (Jun 7, 6:36 p.m.): The session ended with a bullish impulse leg on the lesser charts, but I don’t quite trust it to push the Cubes to new record highs on Thursday. Above 143.73, however, bulls would be back on the attack, presumably pushing toward 143.98, or even to 1.35 over the near term (15-minute chart, A=140.98 on 6/1). ________ UPDATE (June 8, 9:43 a.m.): DaBoyz popped this hoax to 143.80, a smidgen above my bullish trigger threshold, on the opening bar, but it looked pretty sleazy to me — a bull trap that smacked more of desperation than triumph. Let’s see if they can sucker shorts into covering anyway by keeping QQQ buoyant for another hour or two._______ UPDATE (Jun 9, 12:50 p.m.): DaBoyz have in fact managed to sustain altitude for a whole week, creating the impression that there’s no way this gas-bag will ever go down. Look at the chart yourself and decide whether you think QQQ could fall hard over the next few days. Do you see distribution — or consolidation? That’s what I thought. Me too. _______ UPDATE (June 11, 6:56 p.m.): I should have taken my own warning from Friday’s ‘The Morning Line,’ since my ‘certitude’ about QQQ only going higher got upended for exactly the reason I had noted — i.e., that ‘everyone’ else saw that chart as I did and were equally certain of a move higher..
