Tactical musings, technical timing indicators and risk management strategies
Friday, December 07, 2007
Qs take a break
An oddly narrow range day for the Qs today, with the close just .03 off the open. Although the Qs did manage a bounce off S1 in the first 30 minutes, the pivot lines became elusive for the remainder of the day as the Qs meandered around the zero line. Some pre-noon hour momentum looked like R1 might get touched, but the 4 black crows got knocked down by a selling wave for the next 90 minutes. There was similar little conviction noted in the rest of the markets in anticipation of next week's sure-to-be-exciting FOMC news on Tuesday.