Exceptional Guidance
The Qs are doing their best
impression of the perfect storm this
morning as sell indicators and triggers lit up like Christmas trees. Between
TM’s timing signals, stratospheric daily and hourly stochastics, a lame market
response to positive comments from
(
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PowerRating), a double-top on the futures in
the Globex session, worse-than-expected job data, a price trigger break of both
the 13-minute and hourly supports, and a partridge in a pear tree, if that
doesn’t prepare oneself to take a trade on the side of a clear bias, I’m not
sure what will. As we discussed yesterday, there’s a time to wait and a time to
pounce, and as is often the case, the wait was definitely worth the effort. NQ
1730 was a strong lid in the overnight session, and I’m staring at both the new
hourly and 13-minute trend supports (yes, there are my semantics again …
“supports” for a tradable trend … in this case down) which have thus
far provided exceptional guidance for shorts and will likely be key going
forward.
Friday December 7,
2001Â 12:17 PM EDT
Good trading and
have a great weekend!
Don Miller