The Q’s opened neutral this morning and sold off immediately moving below the 65.50 area and triggering the hourly sell in the Market. If you took my advise from last nights post and shorted the break down in the market or took the first 5 minute sell, you were handsomely reward as the market sold off hard finally putting in the low of the day by 11 am @ 64.55. I had a target of 64.20 area which we may still get there but we currently are retracing to the 65.29 area and looking to see if the market will trigger a 15 minute sell over lunch. My first play was a long in FSLR at 10 am reversal time. FSLR was on my daily watch list because of yesterdays price action (wide range bar). This morning FSLR gap down below the 20 ma and rocketed upward then setup a nice 5 minute buy at reversal time. This is a key time for the overall market in which I was expecting a bounce in the Q’s. The Q’s did rally a bit setting up a the first sell in the market. This small rally pushed FSLR to new highs and my first target was hit. Since the market rolled over as it triggered a new 5 minute sell, I was not willing to stick around long after my target was hit in FSLR. Here is the chart for my play in FSLR…
