Lucky 13
Call it lucky 13 in that the
closing 13-minute trend from yesterday has been a picture-perfect guide
for the morning trade, despite the relatively
narrow range and poor pace. Trading the mini-rallies long into early trade
resistance or short off the downtrend pullbacks have both provided profitable
opportunities, and both the SPYs and Qs are toying with trend reversals as we
approach midday. Taking early short profits rather quickly has been wise in
light of the test of daily uptrend support, especially on the SPYs, as we await
the post-FOMC settling-down period.
QQQ
Wednesday
August 14, 2002 12:20 P.M. ET SPY
Moving Avg Legend:
5MA
15MA 60-Min 15MA
From the Mailbag
Hi Don. Just a note to thank you for the excellent seminar last Friday on
trading the Q’s. You’re a fine teacher, and your transparency was especially
refreshing. Thanks. –D.S.
Thanks for enrolling my wife and me in Don’s excellent course. We have enjoyed
the tapes and are also enjoying the first online lesson this evening. Don’s
methods have given us insight into why. For example, his recommendation to
trade through ISLD alone reduced trade execution time from over one minute to
microseconds, thus virtually eliminating price/time slippage. –T.N.
Good
Trading!
Don Miller