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.

No comments: