Longs: JCP, WAG
Shorts: COST, QCOM, TGT, X
Today the market (QQQ) gaped up and sold off for the first 20 minutes then rallied until almost noon, setting the high for the day at 11:40 which broke the high from Wednesday. We then proceeded to sell off hard the rest of the day taking out Wednesday’s low. This type of price action is bearish and we should continue lower on Friday. If we gap down or trade down past the 66.70 area I’ll look to take the first 5 minute sell setup in the market with lower targets of support at 66.35 and 65.40 areas. I would not look to go long until we have a 5 minute uptrend in place or if we happen to gap above the 67.12 area.
