Tuesday, May 06, 2008

Tuesday Qs

Strength in the markets today, with the Qs showing a relative edge. A little spillover on the pivots reflecting the pickup in today's trading range after yesterdays narrow range action.
I was waiting for the Qs to break down to S2 following the first 30 minute slide, but the hairy bottom (previously discussed) that formed 9:45-10:15 had me poised for the bounce up. Unfortunately, some personal issues suddenly pulled me away from the computer for the next 45 minutes and I missed an otherwise picture perfect entry with the parabolics firing a buy at 10:10. I got back about 11:30 and noted the 10/20 MAs crossed and upslope. At 11:45, with the parabolics on a buy on the 2 minute (not shown) and the other technicals all positive, I entered long at 48.45 with PP as my first target. Momentum carried right through the PP at 12:00, and after the usual pullback continued for another low volume surge (thereby raising a caution flag in my brain). My next target was obviously R1 and I stuck with the parabolic signal until 13:25 when it flashed a SELL as the Qs formed a squat bar (not a hairy top) against R1. I exited at 48.86. I don't know what that bar was at 13:50 (48.50-48.94), but it was scary and I was glad to be flat. The market, of course, rallied into the close, but without my participation.
Net time in trade - 100 minutes
Trade gain - .41

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