The market gaped up this morning and had a hard time remaining above the 65.50 area. The Q’s did put in a 5 minute buy at 10 am but could not break through the high of the day that was set at the open 9:30 am. We are currently heading toward Major support after minor support was taken out. My first play was in XLNX which I found off my Daily list looking for further weakness after yesterday’s big Red wide range bar lower. XLNX gaped up this morning, ran upward for the first 5 minutes, then it put in a nice topping tail. The next 5 minute bar took out the low, this was my entry with stop at the top of the topping tail. Price action pretty much went sideways from there, testing the high again causing a symptom that I call “Butt Pucker”. My stop held and price finally is moving lower, we will have to see what happens. I’ve been cautious so far this morning and I believe this has kept me out of trouble. The market really needs to make a move first before I’ll be taking another trade, but for now we are sideways going into lunch….
xlnx10252012