With the market powering upward into prior resistance, I found it hard to play the market long this morning as I was expecting a reversal perhaps at a reversal time. By 10 am reversal time I found SLB setting up a 5 minute sell setup. I was a bit hesitant since the market was still very bullish, but the 15 minute bar in the QQQ's had just closed with a wide range red bar which made me feel confident in my play in SLB. I originally had SLB on my long list, but after the gap down, obviously it was no longer a long in my plan. I entered short @ .28 as the sell triggered but price stayed bullish only moving sideways. After setting through 30 minutes of pain, the overall market started to sell off hard and so did SLB as I took profits @ .96 after a long range red bar to the downside. I soon hit my original target of .77 where I covered 1/2 of my shares and soon tailed out of the play @ .90 cents as the market was bottoming out at prior lows. A great play to start out this week of trading!
