The Q's

Here's a look at the Q's from short term to long term.

In my opinion today most likely has ben an op-ex pin as the Q's are loitering around $67.0 and the  SPY at $150.02 (nice centennial psychological mark), both of them 2 cents from  strike and a pretty significant one in the SPY.

 NASDAQ futures were crystal clear last night, I posted the unmistakable positive divergences in the NASDAQ and SPX futures and they did what they were supposed to do. Then there was a negative divergence in both, many times we'll see something like this just to kill upward momentum, support or fuel is being removed from the market to keep it from rising, then a series of small adjustments are made through the day to keep the asset hovering straight and level. Looking at the NASDAQ futures above, the green arrows are "in line, 3C is confirming price, there are no divergences, so we went from a huge signal to another huge signal, they both did something and the rest of the day was virtually dead. That looks like an op-ex pin to me and that makes Friday's my least favorite day now.

 The QQQ shows an early positive lifting price and then a late negative dropping price to essentially keep it right around the mid point or $67.

 The 2 min chart seems to have a sharper negative divergence late in the day, I'm not sure what that's about.

 The 3 min chart shows the same as it migrated over from the 2 min chart so it looks like there's some sort of intraday distribution end of day.

 On the more important 5 min chart, where we first get a look really of what institutional money is actually doing, the QQQ today is absolutely FLAT, 100% in line. There are no divergences of any magnitude today from institutional money here. The positive divergence on the 18-22nd was very clear at the time, it even looked big and that's how we knew the Q's and AAPL would be up that day, but look at the 3C action that day, very negative, distribution and that's why we closed the AAPL calls, took the profit and stepped aside for earnings after hours.

While I suspect a gap fill in the QQQ as XLK and AAPL show short term, there's serious damage and much of it done over the last 2-3 days.

 The very important 15 min chart, this is the big picture and this is why I want to have shorts already established, maybe not all of them at full size, but I want my feet in the water.

Note the accumulation right before the move up of trend #1, you can sometimes gauge the distribution period by how much accumulation there was, they had to buy the shares, then they have to sell them and often co short as well, so distribution tends to be longer than accumulation.

 The 30 min chart with trend 1 accumulation, trend 1 distribution and a head fake move on place, I don't know if it is final, but we needed one and we were expecting the Q's to put in one and there it is in yellow, so technically we have everything we need to dovetail in to trend 2.

The entire cycle from 11/16 on 1 60 min chart, again note accumulation for trend 1, but look at how sharp the leading negative divergence is on a 60 min chart no less and most of it is right at the head fake area and on.

This is a huge move in 3C for a 60 min chart, so my guess is any short term strength should be used aggressively to short in to, I think it's time to bring out that word, "Aggressively".

Of course that's my interpretation of the charts as they are, if the underlying signals change and the message of the market changes, we have to adjust.

People make the mistake of believing the stock market is like a weather forecast, it's much more dynamic than the weather with thousands more triggers that can change flows instantly.

I still think we are very much on the right track and fell good about all recent positions.