Let The Market Make The First Move
The Qs have been trading in a
slow methodical range this morning,
having briefly continued its hourly uptrend from Friday afternoon before pulling
back and bouncing off both its three- and 13-minute trend supports. Given
Friday’s action and the neutral open, today was one of those "let the
market make the first move" opens which provided higher probability profit
potential by simply waiting for the initial surge and fading either an initial
exhaustion move (which we got) or a pullback toward support, a move which began
setting up conceptually upon Friday afternoon’s post-divergence and oversold
reversal.
Monday February
11, 2002 12:00 PM EDT
Given the current
daily and hourly trend conflicts, keeping an eye on the 13-minute support
(approximately 200-MA) will likely be key in guiding the afternoon trade.
Good Trading!