The QQQ opened with a small gap up to the top of yesterday’s afternoon base @ 79.00 and went sideways until 9:55 am reversal time when price broke down. The Q’s sold off hard into 10:20 am to set the low of the day @ 78.57. Then price bounced off this major support area and headed back up to the mornings opening price and setting a new high by 11:15 reversal time @ 79.18. Price faded a bit into 12:25 when the QQQ triggered it’s first 15 minute buy and now has set a new high of the day @ 79.25 currently at 1:50 pm.
QQQ 09242013
My play of the day came in NTAP which I found this morning as a Tier II bearish gap on its daily chart. My entry came as a gap fill play as the market was breaking lower at reversal time. NTAP formed a beautiful V top pattern and triggered a 5 minute sell which I gladly enter short. As the market sold off hard, so did NTAP and my target I was soon hit as I covered 1/3rd @ .72 cent. My second target was @ .51 and it looked like price was going to hit this area but after price hit .53 I could tell that buyers were starting to enter here in this area, so I decide to cover my 2nd 1/3rd @ .58 and I soon covering the rest @ .64 cents. I was able to net out a nice 2 “R”isk unit trade on this 90 point play in NTAP.
NTAP 09242013