NQ / QQQ - Fade the gap up

Not getting too emotionally wrapped up in the move higher today.

I think a likely scenario is a retest of the 20ma then a drop toward the 200ma.

I do have longs still (INTC, BA, ATHM), but I also think it's worthwhile to be set up if this bounce fails.

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So far so good. Investors not scared enough yet though. Last two days were a gap up and lower close. If we gap up again tomorrow, would really like to see if reverse lower more forcefully.

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Market doesn't care about the shortest distance between two points. So, one more test of the 20ma tomorrow? Until we get above that, I'm staying cautious.

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We closed strong, above the 20ma. Should have been more bullish. Oh well.