The Q's opened by gaping to 85.27 and rallied higher to set what looks like the high of the day by 10 am reversal time @ 85.81. The Q's then faded short through lunch into 1:20 pm reversal time to set the low for the day @ 85.21. Price has since bounced triggering the hourly buy and the QQQ is currently trading @ 85.44.
QQQ 12162013
I found my play of the day in XOM as a Tier III gap this morning taking an aggressive 3 minute high entry since the gap cleared all resistance to the left and there really is only one place to go and that is higher. Remember as resistance is overcome it now acts as support as demonstrated by the price action in XOM. I sold 1/2 at my first target of .98 and trailed my last 1/2 @ .95. 15 minutes later XOM triggered a 3 minute buy that I bought with full share size @ .17 and selling @ .27, .37, .47, 57, and 67. Wow, a huge 2nd play in XOM and 3 risk units made between the 2 plays, a great way to start the week before Christmas...
XOM 12162013