Tuesday, November 20, 2007

Qs bump and grind

A wild ride today as the Qs made a complete R2 to S2 cycle intraday. We don't get a lot of those. And to top off the day's action, the Qs closed right back at the PP pivot where they popped out of the gate. The FOMC provided the catalyst for the volatility. . .the only trick was figuring out if the Qs were actually going to bounce in the last hour or if they were going South to S4ish. The TICK provided little clue, with more encouragement provided by the NYAD up slope, although that didn't happen until the last 30 minutes and then faded at the close. Once again best signals today were provided by the parabolics and the signal line, which at least kept me on the right right of the market most of the day and otherwise saved my bacon.

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