QQQQ (Daily Chart)

There is a trend on the 30 minute time frame, but weakness in the short term. Sellers are in control. Looking to establish a higher low to continue the trend.

QQQQ (1 Minute Time Frame)

Trading range narrowing. Looking for a breakout? We'll see where and with what kind of volume.

ALD Play

Yesterday I closed my long call position on ALD. The stock had broke out above resistance, and I purchased February calls one strike out of the money, hoping that momentum would continue within the next two weeks.

The stock showed good strength and volume on buying, the first day, but it was the second day burst that brought the stock up. It started showing weakness, or at least sideways movement when it failed to make a higher high after the break out. So rather than sitting on this, I decided to take profits.

In a period of about 24 hours, my calls made a gain of 266%. An excellent way to begin the first full trading week of the year.

Market Open

The Nasdaq 100 is opening with a gap higher near yesterday's highs. If it can maintain strength early on, the Q's have a good chance to make some more gains during the day.

I am still watching some small cap stocks waiting for some breakouts.

I am also still long calls on the QQQQ and ALD.

New Trading Week

I started out the trading week a bit slow. My trigger finger missed Citi. I am going to wait to see what develops.

The Q's looked solid, with potential moves higher, so I bought a small long position with OTM Feb calls. I am looking for some small daily gains over the next few weeks.

Small cap stock ALD showed some strength and broke above some prior resistance, I also took a small long position with Feb calls.

Just going to continue to keep it slow, and maintain descipline.