Monday's are always tricky, but today's gap up just didn't have enough volume and it was no surprise when the test of resistance failed. I shorted the Qs as soon as the fourth bar showed continuation with a stop just pennies above the 10:00 high. They easily broke through the first level of support with the usual retest during the midday doldrums, followed by more aggressive selling in the afternoon.Monday, December 18, 2006
Fade the Gap - NASDAQ 100 Trust Shares (ETF) (Public, NASDAQ:QQQQ)
Monday's are always tricky, but today's gap up just didn't have enough volume and it was no surprise when the test of resistance failed. I shorted the Qs as soon as the fourth bar showed continuation with a stop just pennies above the 10:00 high. They easily broke through the first level of support with the usual retest during the midday doldrums, followed by more aggressive selling in the afternoon.
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