Looking Longer Term
Many of our regular readers could
probably write today’s column for me, as we’ve traded down nicely from yesterday
afternoon’s hourly divergence. Now the remaining question seems to be whether or
not daily support holds. I’m continuing to place greater focus on the longer-term
hourly and daily charts given current conditions, although there have been nice
trading opportunities on both sides of the market for shorter-term traders. This
week’s action reminds me a bit of 1999 and 2000 (think hard) where factors such
as feedback from the CSFB conference have caused exaggerated intraday market
movement ideal for intraday trading, including the typical post-surge trader
bail as we witnessed yesterday afternoon.
Wednesday November
28, 2001Â 12:10 PM EDT
(1)
Approx. Equivalent QQQ Price
Keep in mind the
Beige Book release is scheduled for 2:00 P.M. which may add additional fuel to
the fire in either direction.
Good Trading!