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More on QQQ3

November 15, 2022

This chart of QQ3 looks good but part of the reason is that these are weekly, not monthly candles and as you can see there have been two previous weekly buy signals on the way down which were not lasting turning points. Nevertheless it is an encouraging chart, especially given that we are within months, even weeks of some important Coppock buy signals.

I have bought some more QQQ3 today as part of a strategy by which when I come to double my holding on the Coppock buy signal I will be in line to make serious profits. Nothing ventured nothing gained is always my motto. If it goes pear shaped and the QQQ3 price resumes its decline I won’t sell. I will just wait for another appropriate moment to buy some more.

Bull markets climb a wall of worry so it would be perfectly normal for share prices to climb against a continuing stream of bad news; that’s what they do. And if inflation is finally cooling that is an important piece of good news.

I wonder if Rishi is going to be a very lucky guy, becoming prime minister just as things are starting to take a turn for the better.

Strategy

Thinking about what is happening in the US and the mid-term elections I think we have passed the point of maximum Trump. America doesn’t wasn’t this guy back, which is why he has been raging at the results. He is a dead duck and thank goodness for that. He is a monster and we are well shot of him; America is better than that and thank goodness we know that now.

I don’t see him standing as an independent either. He would be at serious risk of humiliation, only being supported by a hard core of crazies, which means the Republican primaries are up for grabs which could be exciting. Time for a guy who if he was English didn’t have a freedom pass not that I am against guys with freedom passes. I have had one for ages.

I am intrigued by the latest November candlestick for OGIG. We had one somewhat like it in March 2020 when the shares fell heavily and rallied strongly in one month. That often happens at turning points. It is like a climactic sell-off, a capitulation, whatever you like to call it. It often sets the scene for major turning points and, as we know, there is likely to be a Coppock buy signal for OGIG in December which is why I am on full buying alert.

If this candlestick can end the month still green I will buy some more OGIG ahead of that Coppock signal. I am happy to stick to buying these punchy ETFs at the moment. There will be plenty of time to find exciting individual shares to buy once the next bull market is underway.

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