COMP - Watch Out

If COMP closes under the 2 890 support level I will sell my longs and go short. It looks like we had a key reversal day yesterday. If COMP goes above 2 958 that signal is cancelled out, but if not and if we closes under 2 890...

Well, then I am want to be out of my longs and loaded with shorts!

COMP - More Buy Signals. But Is It Only A Bear Market Rally?

We got more buy signals at the NASDAQ Composite Index, COMP, when it closed above the resistance at 2 890. See the long chart in previous blog post.

I continue with my long positions, but I move my stop up to 2 829. We have an important trend line which provides support around the horizontal support at 2 834. I do not want a closing below that level.

It is a very real risk that this up move is just a big bear market rally. If so, the downward movement could become dramatic.

So, because of that I want to dance close to the door.