Bungee-Type Recovery
What many of us expected
to be a rather lackluster trading day changed dramatically just
before open with the unfortunate news of an American Airlines plane crash which
momentarily drove all markets sharply lower. In the case of the Qs, the news
served to exacerbate the hourly downtrend which began last Thursday as the Qs
sold hard into the lower Bollinger Band and daily support level before
recovering in bungee-type fashion.
Monday November
12, 2001Â 12:00 PM EDT
While I would
normally expect that much of the rest of today would be characterized by
holiday-type low volume and unsustainable immediate momentum, news seems to be
throwing us yet another twist and caution is advised.
Good Trading!