Handsome James (Falvo): Today’s Market Commentary Monday May 11, 2009

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Well I shot a ETF in 60, which was going to be my video debut at FINZ.tv but due to technical difficulties we were not able to get it produced in time for today’s open. That’s ok it was a lot of fun and bloopers galore but my videos are coming soon to a computer near you.

Well I am going to keep it simple today. We have a nice gap down opening and I am seeing continuing weakness in the tech sector. I called the QQQQ as a short idea Thursday morning and I have been shorting the NQ (Nasdaq Future emini contracts) ever since. Even Friday as the DJIA and SP500 were climbing I was shorting any strength in the NQ’s successfully. The QQQQ are gapping down this am right to their daily 200sma which could see a bounce here.

Looking at the weekly chart [...]

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