The Q’s gaped up this morning at the opening to yesterday’s highs setting the high of the day in the first 5 minutes @ 66.32. Then the market sold off until the Fed announcement at 12:30 setting the low of the day at 65.65 where it rallied up like a rocket to test our highs again near 1 pm, 1:30 pm and again at 2:15 reversal time but failed to reach the 66.32 level falling short @ 66.27. The Q’s proceed to sell off hard breaking the low of the day and ending the day in a 5 minute downtrend. My first play was in CTSH short. I found CTSH on my daily climatic watch list and upon open it rallied hard for the first 5 minutes, the next bar put in a topping tail before turning red and nearly taking out the 5 minute low. The next bar did take out the low and I entered my trade short with my stop placed .01 cent on the high of the day. CTSH fell beautifully for the next 20 minutes hitting my target at $72 where I covered 1/2 of my shares. The next bar put in a bottoming tail so I covered another 1/2 leaving me with a few token shares that I would like to be able to add and reduce my stop. Price action rallied back within a penny of my original entry price and rolled over again. No room here to add or reduce so I just left the trade going and price just went sideways until the Fed announcement where prices jumped up and triggered my stop on the last remain shares.
