Prove It To Me
It’s been a snoozer of a
morning as most traders appear be
awaiting Greenspan’s afternoon talk, with the net effect being a tight $0.45
range on the Qs. While we wait, the Qs seem to be facing a critical decision in
terms of a potential continuation of the current hourly downtrend which worked
so well yesterday in capping any climbs. For those head-and-shoulder pattern
traders, a potential right shoulder is developing and is currently braced to the
north by the same hourly 15-MA wall. I’ve been watching all day for a break of
the 13-minute 15-MA support to trigger a potential trend-continuation trigger,
yet the pre-Greenie chop has presented a bit of a challenge. Nevertheless, the
Qs remain in a “prove it to me” mode on the longside until current
hourly resistance is penetrated, and we’ll let the market decide for us either
way.
Friday January 11,
2002Â 12:00 PM EDT
Good Trading and
Have a Great Weekend!