Tradable Rhythms
Amidst what many are viewing
as one of the more chaotic and hectic market rhythms in recent memory,
now additionally fueled by earnings week and the accompanying upgrade/downgrade
shenanigans, it’s nice to know that there remains order amidst the chaos, in
terms of our key indicators.Â
The Qs remain in an hourly uptrend after having
gapped above our key 13-minute support largely as the result of market reaction
to Intel’s
(
INTC |
Quote |
Chart |
News |
PowerRating) earnings, which we’re testing as we approach
midday. Volatility is down slightly, yet still providing tradable rhythms on
both the long and short sides. At the risk of sounding like a broken record, my
hourly bias remains with the chart until broken as the lesser timeframes chop in
the wind.
Yesterday’s afternoon break of our key 13-minute support indeed provided a safe
trail exit on longs while triggering shorts for a few as I alerted in
TradersWire in the afternoon. Based on the emails, it looks like many of you are
managing to stay on the right side of the trade while others continue to pull
their hair out. Nice job.
Wednesday July 17,
2002Â 12:15 P.M. ET
Good Trading!
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