Friday, November 16, 2007

Qs close strong

A typical expiration day, punctuated by a number of quick high volume moves as the big dogs tried to finesse pins strategies. The initial fade was impressive before a 2 hour recovery into the noon hour. Traders got conservative into the afternoon session, consolidating at the PP pivot and waiting the later afternoon break, which has been down for the last several days. Considering the tendency for Friday closes to be weak as Traders offset weekend risk, today's little surge into the close at R1 was a distinct surprise. The final 5 minute bar high volume bar was, of course, down. Cucca has a lot to say about the larger perspective emerging lazy W pattern, and it's worth a close look. We are currently at the make or break level and next week's action should tell the tale whether the worst is over.

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