What does this mean? When you have two candles next to each other both with the tail going opposite directions, one being up and one being down, this means that there is going to be upward momentum coming up. However, this is usually more weighted when the QQQ has been coming down for a while and it looks like its at the bottom.
Another bullish signal it threw was the other day with the "w" double bottom. Now both of these signals together definitely has my attention and I will be watching this to see how it shakes out. We are in the right position with our spread and if things take off our calls will cover our puts.
On the other hand as I pointed out before, there is a fundamental weakness in the weekly QQQs so that is our factor weighing things down.
What it comes down to is this: Will the two bullish signals trump the foundation of the weekly chart? I honestly don't think so. I think that things are going to spike up a bit and then they are going to fall. This is why I bought the 103 dollar puts, and didn't go deeper...this is interesting and we will see how this plays out on Monday.
For now hold your QQQ calls and puts,
Mark
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