Starting with the Q's, here are the 240 Minute and Hourly trading models as they look after the first hour of trading: QQQ 240 QQQ Hourly Trade Management The FOMC is meeting today and tomorrow and absent a surprise rate cut, the odds are high for further QQQ decline this week. Although Aug 16th ("next month") expiration would be perfect for this kind of pattern recognition trade, the Sep 20th puts offer an entire extra month for this pattern to unfold. A series of Wave 3's is expected, if not his week than next. Gold Trade Management This position from July 16th didn't work out, or if still in it, is not working out very well despite a 2.5% spike higher in Gold Futures today. Again, with Sep expiration there is plenty of time for a recovery, but the QQQ trade offers much better reward vs risk. Note that Gold is right at a triple top resistance level which if broken through to the upside bodes well for a move toward $3K. GLD 120 Minute In order for GLD to make a run toward Fib targets of $245+ it needs a solid breakout above its short-term downtrend channel seen above. Absent that breakout, there is no reason to hold calls.
