Risks are High – QQQQ

After looking through charts this evening I couldn’t find anything compelling enough to make any new reccomendations. There was a lot of damage done in individual issues and the markets today. For trend followers (like myself) the opportunities just do not seem to be there on a risk/ reward basis. Perhaps after a night of sleep I will reconsider and post some ideas in the morning, but I think the risks are too high right now to warrant committing to new trades. Most of the opportunities tomorrow are likely to be daytrades from 1 and 2 minute charts. I would definitely wait the first 30-60 minutes out tomorrow to see if the selling continues.

QQQQ (click chart to enlarge)