Chopping Around
The Qs are chopping around
south of 60-minute resistance as we approach mid-day, as the early bounce off
yesterday’s late-day 13-minute support was once again halted in its tracks by
longer-term resistance, which must continue to be respected until broken.
Nevertheless, the gap down right to 13-minute support provided a nice gift of a
pullback for the astute intraday scalper, as the Qs bounced $0.70 on the
premise. We were even provided a nice three-minute MA cross to the upside as a
decent low-risk trigger. I’m not too terribly excited about setups at this point
until we get a break out of consolidation and continue to hold 60-minute
resistance in high regard until we break through with strength on the lesser
time frames. Should we retreat farther, I’ll be watching 60-minute stochastics
vs. yesterday afternoon to detect any potential divergence.
Thursday
September 20, 2001 12:00 PM EDT
With respect to yesterday’s
strong reversal, the market provided us with a couple of nice early cup-and-handle clues in both the one- and three-minute charts, as we alerted and
discussed in the TradersWire forum.
Wednesday
September 19, 2001
Good Trading!
P.S. I’m pleased to announce that I’ll
be hosting a two-day
QQQ trading learning forum immediately following TM2001 at the Venetian
Hotel and Resort on Oct. 7- 8, 2001. It seems like we’ve struck a pleasant
nerve with the Q column, and I look forward to sharing my thoughts and views in
a live forum highly conducive to learning and interaction, as well as simply
meeting many of you in person. So whether you trade the Qs or watermelon
seeds, consider extending your stay just a bit and we’ll combine some very
intensive trading discussions and some fun!
For
a more in-depth look at how Don trades the QQQs, click here.