Tuesday, November 27, 2007

Qs rally

Qs came alive today on pretty good volume. after a little head fake at 7:00 the Qs surged right up to R1, which became the resistance ceiling for the rest of the day. The downdraft at 14:00 looked like we might see an R1 to S1 day, but that PP pivot held and the Qs climbed right back to R1 in the last 60 minutes. Market action has become like New England weather lately. .if you don't like what's happening, check back in a couple hours . . it will likely be completely different.
Short term, the Qs seem locked in a 49-50 trading range. Guessing the break direction is the 64 dollar question. While the overall market strength was impressive today, there are lots of sectors that aren't enjoying the ride. I remain cautious at this point and continue to favor 30 to 120 minute intraday trades in lieu of swing trades, as carry over from the close has not been favorable.

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