Market Summary (8/5/08)

      It was a powerful Bull run day. As my yesterday post, market did prepare this big rally in past few days with light volume consolidation.  QQQQ yesterday pull back was indeed a shake out action before big run. QQQQ closed above 46 for the first time over one month. But again volume is not very imprisive to support this level  unless it can pick up in near term. CSCO ER give a good push to QQQQ in AH trading.

I sold half of my QQQQ 45C calls bot yesterday with 110% gain. I may sell another half tomorrow if market
has any sign of weakness.

SPX need to watch 1292-1302 area, I think the broad market still do not have enough energy to hold above this level. Even SPX has huge advance today, the volume  even not reaches 20 days moving average. This need to be corrected  in next few days.  If volume can not pick up, it is still dangrous to hold in this level.

XLF is also move above 22.5 which is critical. But I am suspect that it can hold this level for long.  This need to watch carefully.  It may create a good entry point to long SKF.

Take care.