Current Market Conditions Demand Flexibility
When the market is
behaving indecisively about where it wants to go-–quite often the
only decision to be made, is to be flexible enough to see it from both sides of
the proverbial coin.
11:45:36
Intraday Setup Alert
QLogic (QLGC)
has formed a double bottom intraday, after an initial price gap higher. With
the issue up .50 at 44.34, QLGC has demonstrated relative strength in today’s
trade, before reversing at key daily chart resistance (courtesy Mr. Hobbs).
Today’s current pattern and session lows are finding support at a 38% Fib
retracement from the 3/3 lows, as well as from the prior session’s highs. This
sets the stock up as a potential ‘trade it from both sides’ scenario. One might
look to establish position longs on a move thru the current 5-minute chart
consolidation highs, as the double bottom confirms strength–or, QLGC might play
out as a solid short, should pattern lows be broken.
Not a huge trade with edge by any stretch of the
imagination. But given the current market conditions, as well as the specific
technical situation developing in QLGC…it still seems like the only logical
bet in town, at this moment in time.