Still Swimming Upstream
hovering around intraday highs as we approach midday on
stronger-than-expected PMI data, along with a continuation of yesterday’s
impressive turnaround. The timing of the PMI data release actually coincided
nicely with the market pulling back to critical support on both the 13-minute
and hourly timeframes, at which point it was off to the races. Of course
month-end positioning likely didn’t hurt either. Shorting thus far hasn’t been
in my intraday vocabulary, although should the hourly stochastics continue
their vertical climb and we get a trend turn on the three, it might be worth a
scalp consideration.
On a longer-term basis, the hourly
trend still has some work to do with respect to improving angle support and
we’re still swimming upstream on the daily and weekly, yet the trend from
midday yesterday remains clear until proven otherwise. A pullback on the
hourly would actually be healthy longer term for those looking for base
building.
Friday,
May 31, 2002 11:45 AM ET
It’s hard to
believe that it’s been almost eight months since many of you attended the QQQ
seminar in Las Vegas last year, which became the genesis for the Q video and
recently launched Trading School. Since then, hundreds of traders have shared
in the experience which included a live trading segment (no pressure on those
free throws, Paul Pierce) and — yes — putting up with my silly sports
analogies.
For those that
missed the opportunity, the video — which to my surprise has remained on TM’s
best-selling list since its release almost six months ago — remains available
and isn’t at all date-sensitive. And perhaps coincidentally, the market
rhythm I’m seeing today is very similar to that experienced at the time of the
production with the Qs priced back in the low 30s, as was the case last
October (end of shameless marketing speech).
Good Trading and have a great weekend!
Don Miller
Hi Don,
Just wanted you to know that last week was my first week trading using your
system which I adapted to my swing trading time frame. It was a super
week–the best I’ve done in a long time and it way more than paid for the
tapes. Thanks a lot for producing those tapes, it has helped tremendously.
M.W.