Longs: None
Shorts:
AKAM – 4th day of sell triggered, still has void below.
BRCM – Daily sell triggered
CELG – Daily sell triggered
PCAR – Daily sell triggered
T – Daily sell triggered
TGT – Daily sell triggered
XLNX – Daily sell triggered
MSFT – gap continuation lower
After the large sell off in the market on Friday, we have a red, large wide range bar on the daily chart of the QQQ. After Friday’s price action we should be expecting a narrow range day with price action between 65.25 and 66.50 areas. If price opens and or gaps down below Friday’s close, I will be looking for a long at or near 10 am reversal time. I probably won’t look to play the market lower since we are very near support at the 65.25 area. If the Q’s gap up I’ll be looking to take the first 5 minute higher low with a target area of 66.50. The 66.50 area should be our next hourly sell in the market and expect it over lunch time. On narrow range days, unlike trend days, you should take your money and run!
