No Better Evidence…
The Qs are down about
$0.60 as we approach midday, as Friday’s ending 13-minute downtrend
remained very much intact at the open and provided yet another trend support
pullback premise, this time after the release of ISM data which had all of the
strength of a Celtic two-to-one game series lead. Frankly, there can be no
better evidence of the strength of that time frame than this morning’s pullback
and Friday’s afternoon trend turn as noted in the charts below, which can become
the cornerstone of one’s intraday focus.
The
(
$SOX.X |
Quote |
Chart |
News |
PowerRating) is putting in a horrendous
showing thus far, and of the top underlying Q stocks, Qualcomm
(
QCOM |
Quote |
Chart |
News |
PowerRating) remains the sole bright spot for the bulls. Given the current midday
consolidation, the Q’s reaction to the approaching 13-minute downtrend support
with respect to a continuation push or reversal will be key.
Monday June 3,
2002 11:45 A.M. ET
Good Trading!