10:30 spike highs give way to short triggers (together with worsening market internals) Spike highs like long lower tails (long lower tails) (yesterday's early morning buys) and long upper shadows/tails (spike highs)
Note how the last chart of QLGC (typical of one of our favorite plays) shows a climactic sell off culminating in a spike LOW and moves up quite soundly to a spike high. We call these the "2-trend days" and you would do well to trade BOTH these trends. You should note that morning cumulative sell offs (ending up in long lower tails) can but are not confined to be after gap down openings.
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