Working Off Some Excess
The Qs are down slightly as we
approach midday after having worked off a
bit of excess following DELL’s
(
DELL |
Quote |
Chart |
News |
PowerRating) earnings release which puts us right
where we were for most of yesterday afternoon. While this sets up a potential
head-and-shoulder with a right shoulder braced by the 13-minute 15-MA, options
expiration may throw another wrinkle into the day’s trade. Nevertheless, I’ll be
watching the 13-minute downtrend support angle as the day moves on to see if
such a scenario will play out, especially given the recent five-day move and
today’s early MI Sentiment spike which seemed to run out of initial steam.
I mentioned in yesterday’s
column that the hourly chart was setting up for an "oversold on
support" premise which indeed helped navigate the late-day trade, whether
you took mid-afternoon scalps or positioned for a longer-term pop which was
fueled in part by DELL.
Good Trading and
Have a Great Weekend!