Scrambling At The Open

Wowzee! As
they say at the Venetian, would you like white or wheat with that freshly
“squeezed” orange juice? And indeed, the market had shorts scrambling
for cover on the open as the Qs gapped up and continued their extension from the
daily handle base we discussed yesterday. The market also reinforced the
importance of tight stops on open shorts for those attempting to fade the usual
retail fleecing. Remember, one can be biased…but not stubborn, as the market’s
opinion is the only one that matters in the end.

I’m currently watching the 13-Minute 15-MA as we approach mid-day which is
supporting the current move until violated. As I’ve said before, the 15-MAs are
to be respected until broken, with a three-minute cross with volume in its
direction a possible trigger for a trend continuation, or a breakdown a
potential trigger for a short, as there’s a bit of room to fall before we
encounter 60-minute support (resistance on shorts).

Thursday October
11, 2001 11:30 AM EDT

(1)
Approx. Equivalent QQQ Price

Good Trading!

Don Miller