Market Is As Market Does

An early bounce off
13-minute support
and a subsequent slow move down have been the early
Q themes of the day, as stochastics and 15-MA supports have once again provided
a few low-risk trading opportunities this morning for the nimble. We’re
currently adrift mid-day at the lower end of our range as we downtrend slightly
(on low volume) on the 13-minute time frame in the context of a continuing
60-minute up-trend which once again kicked in yesterday. A change in the
13-minute trend at this point is a prerequisite for a move higher, and I’m
expecting some chop until the current 13- and 60-minute conflict is resolved.

Friday October 26,
2001  11:50 AM EDT

(1)
Approx. Equivalent QQQ Price

Yesterday provided
yet another example of why waiting for trade triggers and/or honoring stops on
fades is paramount as we reversed, rather than continued, the early morning
60-minute trend. Anything else is cheating, and the market will provide you with
the ultimate grade. Forrest Gump would probably describe yesterday — or any day
for that matter — as “market is as market does,” and we could all
learn a lesson or two there.

Lastly, editing of the
QQQ video
is just about complete and we’re ready for launch. A great deal of
time and effort has been put into creating a helpful trading tool that addresses
every trading aspect that is important to me in trading the Qs, including
high-probability setups and detailed charts, as well as key psychological and
career issues. I’m very pleased with the final product that contains over 130
slides and charts and caters to scalpers, swingers, and even those who don’t
trade the Qs as many of the cornerstone concepts are common to all.
(End
of shameless marketing speech.)

Good trading and have a great weekend.

Don Miller