The QQQ gaped over Friday's highs to open @ 72.96 then price proceeded to set up the first 5 minute buy by 9:45 am which failed as price rolled back over and went sideways. Price finally slide into the rising 20 ma on the 5 minute chart but could not break above and price slide lower @ 10:30 am and stayed short most of the day hitting the low @ 1:20 pm @ 72.38. Price has since rebounded and is currently trading @ 72.60 and looks to close nearby creating a small red bar on the daily chart.
QQQ07082013
My play of the day came in QCOM on a 5 minute momentum play lower. Within the first 5 minute bar, price put in a nice topping tail at the declining 200 ma and finished with a large wide range red bar. QCOM had a void below and had nice relative weakness to the market (QQQ). I entered with my first lot just below the 5 minute low @ 60.53. Price proceeded lower for another 10 minutes then started to rally back into the declining 20 ma. I shorted a 2nd lot @ 60.68 and I was willing to short a 3rd lot too @ .83 but I did not have to as price finally rolled over nicely @ .78 cent area. At 11:20 I finally got the breakdown that I was looking for as QCOM moved down to both of my take profit areas @ 60.28 and 60.13. A very nice 2 risk unit trade 🙂
QCOM07082013