The QQQ opened neutral this morning @ 75.52 and set the low of the day by 9:40 am @ 75.35. Price then rallied into 11:00 am reversal time setting the high of the day @ 75.87 short of the previous days high of 75.99. The Q's faded lower over lunch time to test the lows setting the afternoon low of 75.40 by 2:15 reversal time and the end of lunch on Wall Street. Price has since moved off the lows and is trading @ the 75.57 area. We seem to be stuck now in a sideways trend here on the 5 minute chart of the QQQ...
5 minute chart QQQ 08162013
My play of the day was in SNDK which I had on my Daily list as a possible break down continuation play lower. I noticed that SNDK was just starting to break down at 11 am with the overall market and I shorted as SNDK triggered a sell or kind of a break down play. Price rapidly moved lower form my entry @ 56.13, my first target was 55.61 as I managed the play bar by bar as my target was hit 6-5 minute bars later. I sold about 80% of my lot and I was finally trailed stopped at the break of a 5 minute bar. A nice way to end the week with a 3.5 "R"isk unit play short in SNDK.
sndk 08162013