Talkin’ Baseball
Like a Red Sox swoon in late summer, the
Nasdaq continues its descent into the abyss this morning with a 13-minute 15-MA
stranglehold stronger than a Yankee three-game sweep. We’ll
debate later which is currently weaker: the Naz or BoSox. At the risk of stating the oh-so-obvious, the all-important 13-minute intraday
trend since mid-day yesterday has been, to use that highly technical term — DOWN
— which has provided ample opportunities
for trade pullback entries along the way. Until that changes, I have one
suggested word for longs for more than the intraday scalp variety…why? Pace and volatility
have been strong today, even amidst tight ranges, as
reflected in the VIX and VXN.
Now obviously trends don’t last forever (it’s the market, folks), and we’re
approaching yet another decision point as ranges are tightening mid-day just
south of resistance. Yet, I have one clear criterion for a trend change and
that’s removal of the current 13-minute lid.
WednesdayÂ
September 5, 2001Â 12:00 PM
Good trading!
Don Miller
P.S. Now before I
get a ton of mail about picking on the BoSox, please keep in mind I live in New
England and have to deal with this year after year. The words Dent &
Buckner still send chills up my spine. Sarcasm seems to help.
P.P.S. I’m pleased to announce that I’ll
be hosting a two-day
QQQ trading learning forum immediately following TM2001 at the Venetian
Hotel and Resort on October 7- 8, 2001. It seems like we’ve struck a pleasant
nerve with the Q column, and I look forward to sharing my thoughts and views in
a live forum highly conducive to learning and interaction, as well as simply
meeting many of you in person. So whether you trade the Qs or watermelon
seeds, consider extending your stay just a bit and we’ll combine some very
intensive trading discussions and some fun!
For
a more in-depth look at how Don trades the QQQs, click here.