There was a stillness in Wall Street following the technology selloff. It was not a full-blown panic, but there was a reason to be nervous. The selloff would potentially cause irregularity within the market. However, this is not necessarily something to be dreaded because there are ways to profit from a dodgy market. Read this relevant article on socially responsible investment, check this.
Thomas H. Kee Jr. refers to one such system as the ‘Lock and Walk.’ It is a short-term fix to get through dodgy markets. The ‘Lock and Walk’ is specifically designed for the support and resistance levels in the Nasdaq NDX, +0.10%. It is meant to trade the ProShares UltraShort QQQ QID, -0.08% and ProShares Ultra QQQ QLD, +0.20% if support and resistance levels are tested or broken. Here is the four ‘Lock and Walk’ tips:
- If QLD tests support, consider selling target resistance.
- Sell QLD if support breaks.
- If QID tests resistance, consider selling target support.
- Sell QID if resistance breaks.
Ultimately, buy close to support and sell close to resistance. It may also be useful to protect stocks by placing a stop-loss order or a limit order. In these cases, there is control over loss and gain if there is a break.
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NetPicks provides trading education for day trading and swing trading. Their goal is to help regular traders achieve success in the markets. The systems that NetPicks uses are designed to help people learn in a short time. NetPicks has several options for different skill levels. There is a nifty quiz on their homepage for those of us that are quite unsure where we fit in. Start getting connected, click this useful link.
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