The Q's opened by gaping below the 67.68 area breaking major support by a few cents and setting the low by 9:35 am @ 67.62 before making a run into minor resistance where price just went sideways until 10:30 am when price broke out to the upside. We rallied setting the high for the morning by 10:50 am @ 67.94. Then we went sideways into lunch and at 12:15 pm we broke out again to the upside setting what looks to be the high for the day by 1:10 pm @ 68.05. We tested the highs again at 2:10 pm and now we are in a sideways consolidation pattern near the 67.94 area. Here is the 5 minute chart of today's action in the QQQ.
qqq mid day 02142013
My first play was in ANR which I found on my gap list as a Tier II gap that I wanted to look for an entry early in the day. I find a bottoming tail on the 1 minute chart that I could enter above and place my stop .01 cent below. It looked like an area that would hold but 10 minutes later I was stopped out. I could have replayed ANR, but for some reason, I've never really like playing stocks that trade under $20. Boy, what a big mistake today... Check out the chart for my play in ANR...
