The QQQ opened the day by gapping down to 86.19 and rallying for the first 5 minute before rolling over as price sold off in a flurry to set the day’s low by 9:55 am @ 86.12. Since, price action has been choppy again, like yesterday, but the Q’s were able to rally to set the high of the day @ 86.45 by 10:55 am. Since price has been choppy back and forth between the 86.42 – 86.20 area and the Q’s are currently at 86.40 with 45 minute left in the trading day.
QQQ 12102013
My play of the day came in UAL which I found on my Daily list as a possible Daily buy. UAL opened with a nice wide range bar leaving a beautiful bottoming tail bar and basically clearing out the congestion to the left. With a .25 cent stop, I was full over the top of the first 5 minute bar @ .75. My first target was hit quickly @ .95 where I sold 1/2 of my share size. I felt that this could be a really big play but the 3rd 5 minute bar started to break down so I sold 1/4 of my shares @ .02. With only 1/4 left of my shares I watch another red 5 minute bar form to the downside and once the low was taken out I sold the last of my shares. A little over a Risk unit made on the trade which is not bad on this 2nd narrow day of trading in the market…
UAL 12102013