‘Old Faithful’ Continues To Show The Way
The Qs are testing intraday
lows amidst a very choppy range below September 2001 lows
as we approach midday, with the 13-minute trend continuing to provide early
solid trade guidance. Motorola
(
MOT |
Quote |
Chart |
News |
PowerRating)
provided some early fuel for the bulls, yet the angle of "old
faithful" continues to show the true intraday trend. The early trade waves
have been of the "white cap" variety, with volatile spikes in both
directions.
Thus far, Monday’s
scenario #1 has played out nicely, with the Qs unable to sustain what was
waning hourly momentum, and shorts can now be trailed nicely using the 13-minute
trend support (resistance on longs) as I look for any signs of waning or
accelerating momentum of the current leg down. Keeping an eye on the hourly
price vs. momentum action, coupled with the status of "old faithful"
may provide clues.
As we approach noon on the east coast, the trade pace feels very much like a
battle between the towel throwers and the custodians, so I’m expecting fast
market conditions from here.
12:00 P.M. ET
Good Trading!