The Q's opened neutral @ 87.14 then traded sideways finally dipping lower to set the low of the day by 9:50 am @ 86.94. Price then rallied into 10:35 am reversal time to set the high of the day @ 87.55 before pulling back into 11:05 am to set the first higher low on the 5 minute chart @ 87.31. Price then rallied into 12:00 noon but failed to make a new high coming up short to 87.53 before rolling back over. With a clear M top formed on the 5 minute chart, traders were hesitant for the rest of the day as price seemed to bounce around until 3:05 pm where price finally broke down. The Q's sold off into 3:30 pm testing the lows again but coming short of our morning low to recover @ 87.06 as price rallied back up into the 4 pm close to end the trading day @ 87.37.
QQQ 01082014
My play of the day came in SNDK which I had on my daily list as a daily buy had triggered yesterday and I was looking for some follow through today. I took the first 5 minute buy setup that formed as price broke out above yesterday afternoons sideways consolidation. I went with partial share @ .20 cents as I watch price just rip to the upside where I finally sold my partial shares @ .61. The price action in SNDK still had my attention so as the first 15 minute buy triggered I entered a 2nd play selling 1/2 of my shares at the prior high @ .73 only to watch as price continued to rip higher, wow! Price then pulled back again on the 15 minute time frame where I added back to my play @ .16 and again price took off where I sold 1/2 at .46 with hopes of price making it all the way back up to the high of .92 before the FOMC meeting minutes where released @ 2 pm. As 1:59 pm hit, my gut feeling was to take the rest of my chips off the table and call it a day as price went sideways after the announcement. Three beautiful trades in SNDK today giving me a full 3 R's of profit 🙂
sndk 01082014