Zzzzzz
If yesterday was a
“wow,” today has been a sleeper thus far. The Qs did manage
a modest bounce off daily 15-MA support, at one time recovering much of
yesterday’s late panic sell-off incited by
(
SEBL |
Quote |
Chart |
News |
PowerRating)‘s early release of
disappointing earnings, although today’s intraday pace has been slow and
challenging. Many traders may very well be in a wait-and-see mode prior to
(
MSFT |
Quote |
Chart |
News |
PowerRating)‘s
earnings after close, and as goes MSFT, so go a good portion of the Qs, with
MSFT representing approximately 10% of the tracking stock. All in all, the
technicals are showing little immediate bias compared to yesterday’s strong
short bias, and I’ll be leaning toward more watching than trading today unless
we start seeing a pick-up in pace and volume (always possible with a jittery
market), or until we see how the market reacts to the post-market earnings
releases.
Thursday October
18, 2001Â 12:00 PM EDT
(1)
Approx. Equivalent QQQ Price
Longer term, the
market will have to resolve its current daily support vs. weekly resistance
conflict, and I would expect some chop until the conflict is resolved.
Good trading!