The Q's had a surprise gap down this morning opening at 68.75 and selling off until 10 am where price had hit major support and price rallied until 11:30 triggering a 15 minute sell in the market. Price fell into the lunch time but failed to make a lower low and the Q's started to rally to test the recent high of 68.72 but failed as the Q's came up short at 68.70 thus forming a double top with the declining 20 ma and the flat 200 ma directly overhead. Price began to sell off at 1:50 and has continued to the downside setting a new low for the day by 2:50 @ 68.34 which looks to be the low for this trading period.
QQQ03152013
My first play was in AKAM which I found on my gap up list as a Tier II gap which means that I need a good entry to enter the play. AKAM sold off hard into the the rising 20 ma on the 1 minute chart thus I hesitated on the entry and decided to wait for the 5 minute bar to be taken out before I enter the play. Upon entry, price moved up nicely and I was up about .15 cents when I brought my stop up to break even on the play. Price started to accelerate so I decide to sell 1/2 at the break of a 1 or 2 minute bar. As I sold 1/2 price came crashing down taking out my stop and ending the play with a slight gain. Price did correct itself but could not make a significant higher high and AKAM sold off hard for the rest of the day.
