Some great waves in the market today but tricky at times when the market seems not to know where it wants to go. Price ended the day in a sideways trend from the 78.70 to 78.55 area. On the daily the Q's is forming a GBI (green bar ignored) which gives me a short bias for tomorrow's trading. If we open neutral, I'd wait for the breakout or breakdown of the consolidation and I'd play the first pull back long or short on the 5 or 15 minute chart preferably at 10 am or 10:30 am reversal time. On a gap lower below the 78.39 area and price sells off, then, I'd look to take the first 5 or 15 minute sell that triggers near this same area on a retracement. a lower target will be the 77.65 area If the gap does not clear the 78.39 area and price starts to rally, I'd look to take the first buy that triggers on the 5 minute chart with a long target of 78.80 area and a 2nd longer target @ 78.93 area. If we happen to gap up above the 78.80 area and rally, I'd look for the first 5 or 15 minute buy that triggers at 10 or 10:30 am reversal time with a long target @ 79.00. The chart is getting a bit tight until we break out of this area, I'd be quick to take profits, a 1 "R"isk unit gain has been a gift lately for many traders. Click on chart to enlarge...
QQQ Homework 09252013
Longs: Shorts: None
AIG - Daily buy continuation
AKAM - Daily buy watch
JCP - Climatic buy watch
KLAC - Daily buy triggered
SLB - Daily buy continuation