The QQQ opened neutral @ 72.76 a .01 cent from yesterdays close. Price sold off the first 5 minutes into 9:35 reversal time, then rallied into 10 am reversal time but price could not break yesterday's high of 72.92. Since we were into minor resistance and I had a really small list of stocks to play, I felt that I should be looking for a short to enter once the market ended its 5 minute uptrend. The market drifted lower into 10:30 just below its 20 ma on the 5 minute chart but above its 40 ma which is an area called the Pristine Buy Zone. I had decided that the Q's was my best bet for a day hold short so finally at 10:35 am reaction time the Q's failed on it's 5 minute buy in the PBZ area so I shorted just below a small narrow range green bar that had formed. My stop was the high of the day which was .19 cents away. Price moved down rather nicely into 11 am and then started to move sideways. My initial target was @ .08 so I just held my entire lot going into lunch as I went for my walk. While I was away, Price did a head fake and broke the low @ 11:45 am and popped back to rally into 12:35 pm when price just rolled back over now at the declining 40 ma. The Q's continued lower into 1:00 pm and pivoted off the 200 ma on the 5 minute chart. Price basically pulled back two 5 minute bars before heading lower breaking to new lows at 72.17 by 2:00 pm. I was just getting back from my walk at this time and I thought I was in good shape to see my target at .08 when prices started to rally hard up into 3:20 pm making an M top pattern below our 12:35 high. I held into the close as price started to break down again but the 200 ma held price on the 5 minute chart as I sold into the close at .27 cents. A 2 "R" isk unit play to end a respectable week of trading.
QQQ06142013