I was not exactly excited today to see the market gapping up this morning after 11 days up. After scanning my list of 100 stocks I had nothing on my list. Even after taking a 2nd look at all the 60 minute charts, I still had found nothing of interest. I thought about taking the QQQ short if it rallied for the first 5 minutes then have price proceed to take out the 5 minute bar low, this did not happen. Price action in the Q's just drifted sideways and moved upward after 10:30 am. Finally @ 12:05 pm reversal time my eyes spotted a wide range red bar forming in the QQQ. This was my entry to get short the market as I entered below .46 cents. With a full share size I started to take profits every .05 cents below. After 15 minutes I got the flurry low that I was looking for taking profits at .40, .35 and .30 cents. 10 minute later I covered more shares @ .25 cents and decided to cover on the first break of the 5 minute bar which took place at .33 cents 5 minutes later. A classic igniting bar play that worked out nicely on a day that I had few options...
QQQ 08252014