The market opened up neutral and set the high of the day by 9:35 @ 66.82 which happened to be at major resistance, then the market sold off hard staying below the 8 ma known as the 8-train setting the low of the day by 11:15 @ 66.17. The market did happen to make a high low by 12:30 then proceeded to form a nice W pattern on the 5 minute chart and reached a lower high for the day at 2.00 pm at minor resistance in the 66.54 area. Presently the market is headed lower breaking the last lower pivot on the 5 minute chart breaking the uptrend. It looks like we may close going sideways for the last hour of the market. My first play was in NOV short which I found on my gap list displaying a beautiful mortgage type gap. My entry was right at the 5 minute low. NOV moved down with a flurry so I moved my stop to break even. 7 minutes into the play price shot back up and took out my stop. I could have replayed NOV but I was off looking at another stock. I’ve been keeping a tight stop this year Vs. last year which has lead to greater profitability and much more consistent trading.
NOV