Tuesday, December 18, 2007

A classic day for the Qs

The Qs continued the slide out of the gate, settling right at our S1 target of 49.30, before gradually chewing back up to close at the PP pivot. templates. The TICK picked up significantly after 13:00 with a change of character (see above), which in turn got the NYAD upslope into the close. Volume also picked up a bit today and tomorrow's action should reveal whether that was due to short covering or true buying enthusiasm. The slow cycle move today between PP, S1 and PP was picture perfect, with a little flurry of selling at the tail end telegraphing the market's uncertainty.

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