The QQQ opened neutral this morning @ 78.66 and took off higher triggering a 5 minute buy at 10 am reversal time and never looked back. Price powered upward setting the high of the day by 12:30 pm @ 79.72 then faded the afternoon until 3:30 pm reversal time when price took off again to the upside and closing near the high of the day @ 79.68.
I’m expecting the Q’s to gap up for Wednesday morning and if so, I’d look to take the first 5 or 15 minute buy that triggers near the 79.60 area, the first obvious target would be the 80.00 dollar level. If price happens to open neutral and fall from this area, I’d look to short the 2nd higher low on the 5 minute chart with the expectations of price moving through the 79.32 area with the first target @ the 79.20 area. If we happen to gap below the 79.32 area I’d be looking to take the first short that triggers on the 5 minute chart @ 10 am or 10:30 am reversal time.
qqq 10012013
Longs: Shorts: None
ALL – Daily buy watch
AXP – Daily buy triggered
CREE – Picture of Power
HOG – Breakout continuation
LOW – Daily buy triggered
XLNX – Daily buy triggered