One Fell Swoop
Well, for the first time in days,
if even
for the moment and on very suspect volume, the Qs broke multiple intraday
resistance points in one fell swoop this morning as the early morning economic
data releases drove us through three-, 13- and 30-minute resistance, peaking at
the current 60-minute “prove-it-me” line in the sand. The surge
propelled the Qs $0.70 after the cross and break of yesterday afternoon’s 1460
NQ lid. Volume is light and trade is thinning out quickly going into the
holiday weekend, and it will be interesting to see whether the Qs can hold
13-minute support going into the afternoon and Tuesday which is being tested
mid-day. Any sustained break and/or close below it and I’ll suggest
putting that rally cap order on hold.
FridayÂ
August 31, 2001Â 11:50 PM EDT
(1)
Approx. Equivalent QQQ Price
Have a great
weekend!
P.S. I’m pleased to announce that I’ll
be hosting a two-day
QQQ trading learning forum immediately following TM2001 at the Venetian
Hotel and Resort on October 7- 8, 2001. It seems like we’ve struck a pleasant
nerve with the Q column, and I look forward to sharing my thoughts and views in
a live forum highly conducive to learning and interaction, as well as simply
meeting many of you in person. So whether you trade the Qs or watermelon
seeds, consider extending your stay just a bit and we’ll combine some very
intensive trading discussions and some fun!
For
a more in-depth look at how Don trades the QQQs, click here.