The Q’s gaped up slightly this morning @ 74.36 and rallied hard into 10:30 am reversal time setting the high of the day @ 74.95. Then the market sold off into 11:00 am coming within .01 cent of the low of the day before bouncing in this area of major support. The QQQ rallied into 11:45 am but could not make a higher high and rolled back lower after hitting a lower high of 74.76. Price faded into 12:35 pm and again bounced only to make another lower high confirming the break of the uptrend and price headed lower again at 1:00 pm finally breaking through the low of the day set during the first 5 minutes of the markets open. Price sold off hard into 2:00 pm and again at 3:00 pm and with the topping tail left behind on the Daily chart it looks like we may have hit the high for 2013 in the QQQ @ 74.95.
QQQ05222013
My play of the day was in ORCL which I found on my 9:45 wide range bar scan. ORCL just had a beautiful wide range red bar and a text book 15 minute chart. This is exactly what I look for while scanning: Wide range bar, very little if any tails, and notice that the 20 MA has curled and is moving in the direction of the wide range bar. My entry came on a 5 minute sell setup that triggered at 10:30 am reversal time with the market as the Q’s headed lower. I covered 1/2 of my shares at the .50 cent area but with my fat fingers, I shorted more shares by mistake, OUCH! I just covered the rest and ended the play with about 2 risk units of profit. Not a bad fat finger day…
ORCL 052213