The Q’s opened the day with a slight gap @ 86.31 and immediately set the low @ 86.30 before drifting higher into 9:45 am when price faded into 10 am reversal time triggering the first 5 minute buy. Price just rocked upward not looking back and may have just hit the high of the day here @ 3:35 pm @ 87.72. An impressive rally after yesterday’s hard sell off in the market.
QQQ 01142014
QCOM 01142014
My play of the day came in QCOM which I found on my list as barely a Tier III bearish gap down. My initial entry came after a huge rally upward with the overall market and was the first official 15 minute sell that triggered in QCOM. I felt confident in the play short since QCOM had just rallied 1 1/2 hours straight upward leaving a nice void to the downside, huge risk to reward, relative weakness to the market, and overall just a beautiful setup short. I entered the play with a small share size, but after the next green bar was again taken out by a red bar, I added to my play going full share size. Price dropped almost immediately where I took some quick profits @ .44 and lowered my stop to a break even on the trade. I still had nice share size as price hit my 2nd target @ .15 where I covered another 1/3rd of my shares. With 1/3rd left short, I was looking for an add and reduce location which triggered at 2:15 pm just as lunch was ending. I was hoping to get some help from the market, but unfortunately, the market remained bullish and QCOM never did give me the climatic drop that I was looking for. Overall a very nice play with 2 risk units of profit made. Here is the 15 minute chart on my short play in QCOM