Longs:
GILD – Gap Continuation
HD – Gap continuation
Shorts:
AXP – Daily Break down
COST – Daily sell watch
INFY – Gap continuation
MET – Level I pivot lower
MSFT – Gap continuation
After gaping down and rallying into lunch time, the QQQ finally sold off hard at 2:00 pm into the close and almost closing near the open. For Wednesday, if we gap up or trade up you could look look to short the first 5 or 15 minute setup at or near 63.14-63.25 area @ 10 or 10:30 reversal time would be preferred with your lower target of 62.15 by noon. If we open neutral or gap lower look to buy the 2nd higher low on the 2 minute chart and the target will be the 63.14-63.25 area. My bias is short because every pull back is being sold off. My bet is we get another day like today, rally in the morning and a strong sell of in the afternoon.
qqq 11142012