The QQQ gaped up a few cents this morning only to set the high of the day @ 69.18 by 9:35 as prices then sold off hard all day long. I had expected the sell off yesterday but we got it today. The Q’s found support by 10 am @ the 68.89 area but by 11 am price broke down over lunch and headed lower confirming a new 5 minute down trend. Prices sold off during lunch finally bouncing off major support at 2:00 pm setting the low of the day @ 68.28 as lunch was ending on Wall Street. The Q’s rallied finally breaking through the 20 ma but at 3:00 pm priced rolled back over and set a new low for the day by 3:35 pm @ 68.24. Again price bounced and rallied to settle in just below the 20 ma to close the bearish day @ 68.43.
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My play of the day was in JPM which I found scanning for a 9:35 am momentum play. I woke up late this morning and did not have enough time to make a list, I just had enough time to review gaping stocks but really nothing made my list so it was up to me to possible find a momentum play during the first 5 minutes of the morning and this is where I came across a nice red wide range bar to the downside in JPM. I was sold going short since the market was still into major resistance and JPM had a beautiful void to the downside. I entered on the 5 minute low and basically took the elevator down a full two “Risk units” lower. I sold at my first target and finally trailing out after price closed above a 5 minute high. I thought it was a good time to exit since it was reversal time and price had fallen so hard but JPM rolled back over and headed lower again, I guess I could have played it again but since I had not, had, my cup of Joe yet I left JPM for someone else. JPM was my only play today since I had came unprepared and was still victorious!
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