Catching Our Breath

  • October 19, 2001
  • Don Miller

The market continues to
catch its breath today after the incredible run and retracement
action we’ve seen over the past few weeks. Trade has been light and pace slow
thus far on this options expiration day. Key NQ levels that I’m watching in
trading the Qs include the psychologically important and daily 15-MA support
level of 1300 and current 60-minute intraday lid of 1335. A break of either may
very well suggest a move of larger (i.e. tradable) significance. On a larger
picture, we remain in a weekly downtrend, and I am expecting trading range
oscillations between daily support and weekly resistance levels until one or the
other is violated.

Friday October 19,
2001  12:15 PM EDT

 

(1)
Approx. Equivalent QQQ Price

The market seems to
be once again reminding us this week of the often-used “80/20” rule of
business, where 80% of one’s revenues can come from 20% of the opportunities
(Wednesday). 

Good trading and have a great weekend!

Don Miller

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