The QQQ had a bullish gap up to open @ 78.88 triggering the daily buy and rallied up to set the high of the day by 10 am reversal time @ 79.36. Price went sideways until 10:30 then unexpectedly sold off hard into 11:05. At 11:15 reversal time price started it’s way back up to the high and made a lower high by 1:10 pm @ 79.31. The bears took over since the Q’s could not make a higher high after this mornings bullish gap as price sold off hard into 2:35 pm but failed to make a lower low and bouncing off of the 78.95 area. Price retested the 78.95 area and rallied into the close to end the day’s trading @ 79.18 way short of the high of day.
QQQ 09262013
My play of the day came in LLY which I found this morning as a pretty nice bearish Tier II gap on the daily chart. My entry was on a 2 minute sell setup @ 9:55 am reversal time with a partial share size. I was soon able to add to my short twice more before price hit my first target low of the day @ 51.05 where I sold 1/3rd of my lot size. I was able to add back later @ 51.05 and later I covered the shares added @ 50.78. Again I was able to add back @ .73 and later covered another 1/3rd @ 50.50. I held my last 3rd, because the pre-market low had been 49.23, for as long as I could but finally I was squeezed out to sell my final lot @ 50.44. 6 “R”isk units on the play were made, a truly wonderful trade…
LLY 09262013