Ignore The Price Chop
The Qs continue their assault
on new intraday and 2002 lows as the
13-minute trend remains intact and — at the risk of sounding like a broken
record (no pun intended) — continues to serve as a rock solid intraday trade
guide. As I said the other day, ignoring the price chop and keeping your eyes
glued to the true trend has continued to serve traders well. To further
emphasize the point, I’ve grayed the 13-minute price bars below which should
speak volumes. On a relative basis, the Semis have been one of the
stronger (less weak) sectors during the morning session, which is worth keeping
an eye on heading into the afternoon. And, oh yes, the button remains taped (see
Thursday
and Friday’s
columns) until we see a turn in tide, which of course could occur at any time
given the current market extremes.
12:20 P.M. ET
Good Trading!