The Q’s opened the day with a large gap up in price to open the day at 76.72 and immediately set the high for the day @ 76.76 then price faded lower into 10 am reversal time setting the low of the day @ 76.40. Since, price has moved up and down between these ranges and is currently trading @ 76.64. Viewing the chart you can see that the market was very choppy in the morning with price slowing as we have moved into the afternoon of trading.
QQQ 08232013
My trade of the day came early in MSFT which I found on my list as a bullish gap up. Even thou the gap was bullish, it was novice in the since that it was gaping in the direction of the current trend and the gap looked a little over done as well. I decided to short MSFT after two doji style bars appeared on the 1 minute chart. Upon entry, price took off quickly to the downside and I had a hard time getting enough shares. I added more shorts where I could and finally MSFT started to break down hard. Overall a very nice end of the week trade in MSFT…
