Keep Skewing Probability
The Qs and SPYs are going a bit
along their separate ways today, with technology lagging the broader market.Â
Both markets appear to be in typical
August chop mode with light volume, poor liquidity and overreactions to any news
or economic data. Should the Qs develop some midday strength, you may want to
consider long triggers in the SPYs or S&P E-Minis as tech is currently holding
the broader market down and the SPYs are a bit oversold on the three-minute
chart heading into the afternoon. Bottom line is to keep it light and continue
to use the trend supports to skew probability, as there will be better times.
QQQÂ Â Â Â Â
Tuesday August 27, 2002 12:20 P.M. ET      SPY
Moving Avg Legend:
5MA
15MA 60-Min 15MA
See
School and
Video for Setups and Methodologies
Many heartfelt
thanks for the outpouring of emails in response to yesterday’s column. I will
respond to each one personally and it’s good to know that this seed of a column
that was planted over a year ago has bound many of us together. Yes, it’s a
trading column, yet as I said yesterday, life and trading are intertwined in
ways that in my view most people greatly underestimate.
Good Trading.
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