7/7 Recap. The Nasdaq Just Broke Out Of A Long Downtrend

Today’s chart of the day is the QQQ. Look at this perfect downtrend break. It’s been 3+ months and of course we would get this the day before the big jobs report tomorrow. Now this is a tough one to call here. While it is nice to see the daily breakout, until the weekly confirms it at tomorrow’s close, I won’t the pain is over. I’ve said all week in my posts that I was leaning bullish and not focused on selling call spreads for this reason, the setup on the QQQ was ripe for a move up especially with Google split next friday. Amazon and many others are breaking downtrends as well, but again if we sell off hard tomorrow on the job’s number and don’t get a good weekly close, then its all for nothing. The same goes for oil which is currently bouncing pretty hard to $103.xx but unless it gets over $105+ at tomorrow’s close, its still technically broken. So very big day tomorrow in every regard.

Today’s Unusual Options Trades and What Stood Out To Me