Friday, December 28, 2007

The blahs

Top chart is 5 minute bars, lower is 30 minute.
Qs finished the day just where they finished yesterday on like volume of 67M. The call premium evaporated like smoke in the first few minutes of the session and only very nimble fingers could capture any overnight gains. The 5 minute bar at 10:00 was a real doozie, dropping the Qs $ .27 on 2M shares. That should have been the clue that there was more to come, and after another hour of building false hope, the slide to and through S1 commenced. The Qs did show some strength at 13:30 (an untypical time for such behavior) and managed a respectable rally until 14:45 when the selling wave knocked it back down to S1. So what had taken the Qs 1 hour and 7M shares to gain, was eliminated in 20 minutes on 3M shares. Interesting how order flow gets queued to create these market dynamics and I sure wish there was some way to see it coming.
The 30 minute chart looks somewhat optimistic, having made the turn and with 3 parabolics up. Needless to say, I'm not convinced that UP is the next wave and I deferred making any weekend holds from a strictly risk management perspective.

1 comment:

Quentin said...

Nice blog...just found it. I mess with the Q's , too. I also like QID, not as much volume , but still a good
vehicle to trade IMO. Wish you well in 2008..........