Shifting Focus
Weaker-than-expected retail
sales data has sent all of the markets
lower this morning, including the tech-dominated Qs which are testing recent
daily uptrend momentum as we approach midday. An early attempt at closing the
second consecutive gap-down failed after an initial tradable surge stalled out,
and the Nasdaq futures are currently testing critical 1500 support (approx
$37.15 on the Qs) at this time. Given the two-day drop in the context of a daily
uptrend, my focus has begun to shift toward looking for any resumption of an
intraday uptrend which may provide a tradable reversal premise, potentially
preceded by decreasing weakness as defined by our momentum indicators.
Wednesday
March 13, 2002 12:15 P.M. ET
No-Risk Trading
Many thanks to all those who have responded and signed up for the QQQ
Trading school. I’m extremely pleased to be able to offer a unique
opportunity to provide a platform for you to further strengthen your skills and
allow you to experiment with my methods without incurring any risk to your
capital or confidence. I only wish I had a similar opportunity years ago.
Good Trading!