For The Nimble And Quick Only
The Qs are well off earlier
lows after taking a triple blow from world events, reaction
to wireless downgrades, and lower than expected Michigan Sentiment data. Market
action has been fast and furious, and we’re testing key 13-minute support
heading into the final few hours. Trade has been for the nimble and quick only
and keeping your eye on our "old faithful" trend angle may guide the
afternoon trade. Given the longer-term oversold picture, I’m advising continued
caution on the short side and any intraday trade supported by at least the
three-minute 15-MA as a continued short-covering rally is not out of the
question.
Friday June 14,
2002 1:00 P.M. ET
Good Trading and
Have a Great Weekend!