The QQQ opened neutral @ 83.00 and immediately set the high of the day in the first 10 minutes of trading @ 83.13. From 9:40 am to 11:40 am the Q’s sold off hard finally setting what appeared to be the low of the day @ 81.83, but the rally was soon over by 12:15 as price headed south. The market continued to sell off into the end of the trading day to close @ 81.52.
QQQ 11072013
My play of the day came in NOV as the market started to rally @ 10:40 am. I found NOV on my daily buy list looking for some follow through in price from yesterday. As the market had sold off hard earlier, many of my long stocks had broken their 15 minute low pivot areas (Major Support) and have technically broken their up trends. NOV had not and was setting up to go long @ it’s prior pivot low. I entered using a slightly lower pivot area to allow for a possible retest of the area. Price ran up in a flurry and hit my first take profit target of .98 cents where I sold 1/3rd of my shares. As expected, price then sold off hard retesting the lows before triggering a 2nd 15 minute buy where I added back the shares that I had sold and I was able to increase the overall share size larger Vs. when the play started. I reduced my stop as well to just below the bar that I added on and price rocketed upward hitting 3 of my take profit areas and I found myself selling my final shares just shy of the top as the bar went red scaring me out of my last remaining shares. The big key here was the fact that the 15 minute uptrend was still alive after the market sell off. thus allowing for NOV to rally with the market into lunch. I netted about 1.5 risk units on my trade in NOV.
