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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