The Q’s gaped down this morning to Major support at 64.75 and immediately set the low of the day thus far. If you read last nights update and took the first 5 minute buy in the market then you were rewarded as the market rocketed upward to a high of 65.46. At 11 am the market has started it’s retracement lower and has slid back through minor support and is challenging major support. The 5 minute uptrend is broken and we currently are sideways. My first play was in KLAC which I found on my daily break out watch list. At the open KLAC put in a nice big green wide range bar (Elephant Bar for you IFT’ers). I waited for price to stabilize and I zoomed down to the 1 minute chart where I found a nice buy triggering where I entered the play. I noticed that price was very thin and 5 minutes into the play KLAC pulled in hard taking out a 1 minute bar and half of the prior bar. I sold 1/2 of my position hoping that I may add back on a buy further up on the chart. Price then recovered putting in a small little pivot area on the 1 minute chart, thus I moved up my stop. Price continue to be very thin, as the Q’s started to rocket upward, KLAC had no follow through to the upside and finally took out my stop ending my play with a small gain. KLAC never broke to the upside and is now selling off, so I feel that I played this correctly. Hey, if the market takes off and your stock just sets there, you have a dog!
