I have added one additional bounce target on the QQQ as shown on this updated 4-hour chart. The top of the first target zone (T1) posted Friday was already hit shortly after the open today and I have added a second, and quite likely final bounce target slightly below the former T1 downside target at the 63.65 level. Personally, I have reduced a lot of the long exposure taken Friday here at T1 and care more about reducing my overall positioning for the week than trying to milk some more upside out of this bounce. I believe that trading could prove tough on both the long or short side this week with the high frequency trading firms taking advantage of the low volume to run stops on both longs and shorts alike. I’ve also been winding down my positions since late last week as I will be leaving town for the holiday on either Tuesday evening or Wednesday morning and do not plan to post or trade much, if at all, until I return over the weekend. As far as AAPL & HPQ, my targets remain as posted last week.
