The Q’s opened with a small gap up this morning continuing our uptrend after yesterday’s price action triggered the Daily buy. The Q’s opened @ 83.71 and set the low of the day by 9:45 am @ 83.62 and it was all up from there as price continued upward into 12:20 pm to set the high of the day @ 84.02. The Q’s then faded over the rest of lunch to the 83.81 area before powering back up @ 2:00 pm EST. as lunch time was ending. The Q’s powered up until 3:20 pm reversal time coming short of the high of the day and closing @ 83.99.
QQQ 11222013
My play of the day was in INTC which I found this morning and rated as a Tier I gap down, a real shocker to say the least. I’m allowed to short immediately on Tier I gaps but I took it easy as I started with just a few shares as the opening bell rang. By minute #3, a small 123 entry pattern had formed and took out the low of the prior green bar on the 1 minute chart, this is the location where I went full share size short, stop over .51 cents. Price immediately started to head lower but by minute #4 price had pivoted upward and was heading for my stop. I believe price hit the .51 cent area just missing my stop which would have been triggered @ .52 Ouch! From this close encounter with my stop it was all down hill for the rest of the day as price hit both of my targets @ .24 and 23.96. I held my last 25% of my lot for the EOD target but ended my trail just after lunch ended as price looked like it might pop. Overall, just a really great gap trade to end a really great week of trading…
INTC 11222013