The Q's opened up neutral today @ 75.03 and rallied up for the first 5 minutes to 75.11 then price headed lower into 10 am reversal time setting the low @ 74.94. From here price rallied into 10:15 breaking to a new high and continuing our uptrend @ 75.15. The Q's faded into lunch setting the low of the day @ 74.82 breaking the uptrend on the 5 minute chart. Price action recovered @ 1:05 pm to start a new uptrend on the 5 minute chart and is currently trading @ 75.04 pm.
5 minute chart QQQ 07122013
My play of the day came in WFC which I found this morning gaping over a prior daily red bar. I scored the gap as a Tier II mortgage type gap which allows me to enter the play only on a pull back or base breakout, 123 pattern etc. WFC pulled in nicely for the first 5 minutes filling the gap and triggering a 1 minute buy so I entered WFC long. I was looking for .40 cents or a 2 R trade which took only 8 minutes...Beautiful play, done! Have a great weekend everyone...
WFC 07122013