The QQQ opened with a slight gap down this morning in an area of minor support @ 73.02 and immediately set the low for the day @ 72.98. Price rallied into 10 am reversal time to set the morning high @ 73.35. Price continued to grind its way up through lunch only to break out at 2:00 pm as the Fed's minutes where released setting the high of the day @ 73.95. The Q's closed near the highs @ 73.75...
5 minute chart of the QQQ 07102013
My play of the day was in HPQ which I found on my gap list this morning as a Tier II mortgage type gap. I missed out on the mornings run up in price but I got a 2nd chance as HPQ pulled in hard to the rising 20 ma on the 15 minute chart and triggered a buy. I entered the play with 2 lots and HPQ grinned its way back up, and finally popped with the market @ 2 pm where I sold half of my shares. I sold my last shares 30 minutes later as the market was starting to roll back over and so did HPQ. Price was not going to allow a big replay of the price action that we had in the morning, but I was still rewarded with a 1 "R"isk unit of profit with my play in HPQ.
HPQ07102013