Another Change In Rhythm
As I mentioned yesterday,
market rhythms typically don’t stay the same for very long,
and just when many Q traders may have given up on intraday volatility,
“it’s baaacckkk.” Well, at least back enough to provide for
opportunities for both trend and oscillations traders, and on both the long and
short sides. The Qs are up $0.30 on the day as we approach midday, having
successfully worked off an hourly oversold condition created at yesterday’s
close. Early 13-minute price vs. momentum divergence set the stage for the
early move up, while we remain in an hourly downtrend with support (resistance
on longs) around $36.80, which can be considered as a premise for a deeper
downtrend pullback short with a protective stop on a break.
We’ve had an abundance of economic data on today’s calendar, with initial
claims, CPI, and Leading Indicators pretty much coming out in line with
expectations. As the column goes to press, the Philly Fed report for March
has just been issued with (surprise) weaker than expected results, which has
caused a knee-jerk reaction to the downside, yet focus on the trends. Also
keep in mind that FOMC minutes are scheduled for release at 2:00 P.M. ET.
Thursday March 21,
2002Â 12:00 P.M. ET
I look forward to
this afternoon’s online discussion, which is filling up fast, and also appreciate
the continued strong response to the QQQ
Trading School. In particular, the trading simulations — which in my
view are alone worth the price of the course — have been a hit, and I’m glad to
see so many benefiting from being able to learn my Q techniques without risking
a penny of capital or ounce of confidence.
Good Trading!
P.S. As I mentioned above, be sure to attend my
live
workshop today at 5:00 PM ET. I’ll be discussing my QQQ trading strategies
in detail with Eddie Kwong and showing you how I apply them in order to making
a living trading the QQQs.
Click here to register now.