Intraday Trends Will Continue To Lead Us
The Qs gapped down this morning as the
result of early trader reaction to telecom earnings warnings and the release of
continued economic weakness data, yet have remained range-bound south of key
13-minute and hourly trend supports. Today is also rollover day on the NQs,
which can be cause to trade lightly, and a switch from the December to March
E-mini contract is in order on the lesser chart intervals for those using the NQ
to trade the Qs, which in my view, is the only way to go. Stepping back to look
at the larger picture, the Qs are again testing daily support at a rather weak
angle, which sets up the potential for a further retracement toward weekly
support, yet the intraday trends will continue to lead us.
Thursday December 13,
2001Â 12:15 PM EDT
(1)
Approx. Equivalent QQQ Price
Trade is again thin
and choppy, and reducing lot sizes and expectations may be in order today.
Good Trading!