If you read my pre-market letter yesterday, it pretty much nailed the market. The Q’s gaped below Friday’s low and sold off for the first 5 minutes then proceeded to put in the high at 10:00 triggering a 5 minute sell setup. If you took the first 5 minute sell, you would have been rewarded handsomely. My first play was in SLB which I found on my short Gap list before the market opened. Not a Tier I gap but it was gaping below some Major Support area and had only one pivot area to take out and we would have been home free lower. I was a bit aggressive taking the 1 minute low but if you have the play correct sometimes this is actually the best entry because the stock many times opens at the high of the day. Price action looked great until the market decided to rally at 9:35 setting up the 5 minute sell in the market. SLB just would not continue lower stopping me out of my play. I’ll look to short SLB this afternoon on the 15 minute chart if it sets up just right. Here is the chart on my play in SLB…
