Start-And-Stop
The Qs have continued their
recent strength this morning, fueled
largely by stronger-than-expected employment data and a technical break of
yesterday’s high. Intraday pace has been rather spurty, with oscillations giving
way to a combination of consolidation and sharp trends. The Qs are testing
13-minute support at midday and are also being weighed down slightly by weakness
in Microsoft
(
MSFT |
Quote |
Chart |
News |
PowerRating) as the result of Sun
Micro’s
(
SUNW |
Quote |
Chart |
News |
PowerRating) lawsuit. I’m expecting the start-and-stop pace to
continue for the foreseeable future and will be slightly bearish if the Qs can’t
climb back above 13-minute support and bullish upon any cross which will provide
a potential cup formation on the lesser time periods.
1:00 P.M. ET
Good Trading and
Have a Great Weekend!