Emphatic Resolution
The Qs have extended
yesterday afternoon’s hourly downtrend and are continuing to drift
lower as we approach midday on this options expiration Friday. The market
indecision I spoke of in yesterday’s
column resolved itself emphatically late yesterday when the Qs lost key
13-minute support, and it’s been down ever since, as the daily downtrend
stranglehold remains intact.
Volatility indices are rising quickly from recent
complacent levels as we drop, and tightening stops on intraday shorts and
keeping an eye out for potential reversals may be the ticket heading into the
afternoon trade. The three-minute trend support (approximately 50-MA) has been
particularly strong today and a reversal will be a prerequisite to any turn in
tide.
Friday February
14, 2002 12:00 PM EDT
Good Trading and Enjoy the
Long Weekend!