QQQ update and TraderHank’s play in GILD

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The market gaped up this morning just under yesterday’s high and set the high of the day of 63.36 at 9:50 am near reversal time.  Then the market sold off hard taking out yesterday’s low of 62.93 and set the day’s low in at 62.68 by 11:00 am.  Currently the market had rallied back to the 63.05 area and triggered a 15 minute sell @ 12 noon and is currently attempting to take out the low of the day.  My only play today so far was in GILD long just after the market had set the low for the day at 11 am.  I had GILD on my radar because of the shock gap from Monday and price action had triggered an hourly buy.  Price action was very bullish even though the market was selling off all morning, as the market started to rally, GILD broke to the upside and I was able to zoom down to the 2 minute chart to find a small pivot entry.  I had a nice $2.00 target in mind but by 12 noon GILD rolled over hard taking out my stop.  GILD had nice relative strength to the market all morning but for some reason at 12:00 pm, price action decided to sell off faster than the market…  Good Grief!  

GILD
GILD

   

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