Playing Tennis In A Phone Booth
If you like playing tennis in
a phone booth, then you’d like this
morning’s early QQQ action. Otherwise, most of the trading world seems to be
waiting for a break from an extremely tight morning range, the lid of which
reflects resistance on both our key 13-minute and hourly time frames which
developed as the result of the overnight gap down, courtesy of
(
QCOM |
Quote |
Chart |
News |
PowerRating) and
(
JDSU |
Quote |
Chart |
News |
PowerRating)‘s
"we’re still not quite there yet" outlooks. At this point, waiting for
a clear break of the morning range on some volume before getting too interested
in doing anything other than providing your broker with commissions may be the
ticket. As always, respecting the current intraday trend supports — in this
case supporting subtle downtrends — until penetrated will help keep you on the
right side of the trade. The hourly chart may be of particular significance
going forward should the Qs become oversold near support, which could trap a few
shorts on any rebound.
Friday January 25,
2002 12:00 PM EDT
Congrats to those
who took yesterday’s
column to heart as a break of the key 13-minute support indeed provided an
opportunity to take long profits as well as consider a short which would have
provided up to $0.30 in profit.
Thursday January
24, 2002
"Mr. Miller,
I find your lessons very fresh, fascinating and educational and am learning a
lot." S.K.
"Don, I appreciate the market insight you bring to the table, addressing
common mistakes that traders are often blind to. When I feel vulnerable to some
of my demons, I go to the "Don" pages and know I’m doing OK. I also
hope it makes you feel good about the great job you’re doing." F.P.
To the last comment, authoring and
educating indeed takes a great deal of effort on the part of all of the
contributors. This site is truly a team effort, and I’d like to personally thank
all of the other contributors for sharing their wisdom with the common intent to
strengthen all who venture here.
Good Trading and Have a Great Weekend!
P.S. For those who have
asked, the temp in Pittsburgh will be in the 40s tomorrow, and yes it was a
fumble.