UltraShort QQQ ProShares (QID) Might Be A Good Trade On Tuesday

UltraShort QQQ ProShares (QID) might be a good trade on Tuesday, if a good entry point occurs, see the 5 day intraday chart at http://finance.yahoo.com/q/ta?s=qid&t=5d&l=off&z=l&q=c&p=&a=m26-12-9%2Cp12%2Cfs%2Cw14&c=. In the 5 day intraday QID chart one can see that it was flattening out on Friday, and, appeared to bottom late in the session, then started to rally. Next week QID might try to fill upside gaps created last week at 44.15 and 47.55.

Notice on the daily chart that QID may have completed an Elliott Wave ABC down up down monthly downcycle at 43 on Friday, see chart 1 at http://stockcharts.com/charts/gallery.html?qid. Note the bullish large inverse spike on Friday's candle. Also, the WMT Lead Indicator turned bearish late last week, at -0.40% versus SPX (S & P 500) on 8-31, -1.55% on 8-30, and -0.37% on 8-29.

I'll be looking to day trade QID on Tuesday. Once/if it fills the upside gap at 44.15 I might hold QID overnight.

....... http://www.JoeFRocks.com/ .