The Q's gaped lower this morning to open Monday @ 68.68 and proceeding to move lower setting the low of the day by 10:50 am @ 68.47 near major support. Just before lunch price bounced off major support and proceed to start a new 5 minute uptrend setting the lunch time high at 1:35 of 68.83 when price faded until 2:35 pm to a higher low of 68.69, then price broke upward setting a new high of 68.98 and fading slightly into 3:30 pm reversal time when price triggered the last 5 minute buy and setting a new high of 68.99 and closing near the highs at 68.95.
QQQ03112013
My first and only play was in POT which I found after 5 minutes from the open as a possible momentum play. POT had a nice 5 minute wide range bar with nice obvious targets above. I entered above the 1st 5 minute bar but was soon forced to set through a 10 minute pull back with a possible chance of a stop out. Price finally pivoted and shot upward near my first target with two 5 minute wide range bars I decided to sell 1/2 of my shares since I was only .10 cents away from my 1st target. My 1st target was finally hit and I sold another 1/2 of my shares and as price broke to new highs I unloaded a few more shares. Price soon faded into a beautiful 5 minute buy near the rising 20 ma where I bought back 1/2 of the shares and sold them again at the previous high pivot. Price soon shot straight up again and I sold a few more shares and moved my stop up just below a prior base. During my morning walk my final shares were taken out as price came down and took out my final stop. Great play with 1 2/3rds risk unit profit made.
pot03112013