The QQQ opened neutral this morning @ 86.66 and immediately set the high so far today @ 86.76 within the first 5 minutes of the trading day. Price action sold off lower into 10 am reversal time bouncing slightly into 10:30 am setting a lower high @ 86.35 before heading lower into 11:15 am, the official start of lunch on Wall Street, and setting the low of the day @ 86.00. Price then drifted upward over lunch to break out @ 1:50 pm and now price is challenging the highs of the day with 30 minutes left in the trading day and is currently trading @ 86.57…
QQQ 01062014
My play of the day was in NOV which I found this morning as a Tier III bullish gap up. Price action sold off hard in NOV until 10 am reversal time putting in a small narrow range bar on the 5 minute chart. Just a beautiful buy setup triggered on the 5 minute chart where I entered with a small lot size. Price moved up rather nicely at first and 15 minutes later I attempted to add to my play in NOV but I did not get my fill @ .35. I left the order in and I was finally filled 40 minutes later to a full share size. Price continued to fade downward for another 20 minutes before triggering another 5 minute buy where prices took off to the upside. Soon I found myself taking profits at my first target area at .48, .54 and .61 cents. I held 1/2 of my shares for my longer target at 80.20 which I was hoping to hit by the end of the day. As lunch was ending on Wall Street, I was able to raise my stop on my last remaining shares to .61 cents but by 2:35 pm NOV lost it’s bullishness and started to sell off. I finally trailed out of my play @ 3:35 pm @ .60 cents, selling the rest of my shares. Wow, a 100 point play, one of my better scores on my first trading day of the New Year.
NOV 01062014