Up until around 11:00, I was patiently waiting for a reversal. Most of my picks from last night were holding up pretty well despite the disappointing CPI data. However, the Qs rolled over once again and its hard to determine if we are going parabolic to the downside or if we are about to capitulate.
Rather than sit out this session I decided to short BIIB on a break of support at $46.50 around 11:00. Locked in 50% after a dollar gain. My stop is now set at $46.10.
Update 1:30 EST - I was stopped out on the balance of the BIIB position. I took a long position in BRCM at noon and was in the position for little more than a half hour as I sensed the Qs weaken again. The Qs may retest this morning's lows. I'm all cash at the moment. This is a very tricky market, so we have to be careful. The Qs are very submissive, as soon as they feel the pressure of the downsloping MA, they roll over like a female puppy in heat.
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