Have you been watching this set-up as long as I have?

Tech stocks are all over the board today, and the Q's are trading right up at resistance. Volume seems to be relatively average so far, but this is a common set-up we typically follow that in many instances marks a short term bottom.

When this prices finally clear resistance, this should lead to roughly a $2 move in the Q's. Good trade? Depends on what you are willing to risk, which hopefully isn't much.

I talked about getting short a few technology names this morning after prices started to rally off the open. It was good for a few points, but that sentiment will only take me to the close, where I will reevaluate heading into tomorrow. I find myself doing more and more of that lately, while carrying a reduced number of positions (too preoccupied to effectively day trade at the moment).

As I looked over 4 letter tickers today, I noticed that there were 55 new highs in Nasdaq issues, while only 53 new highs in NYSE and AMEX combined. A few names we've discussed here in that category are IMCL, CELG, ILMN, CYBX, UTHR, GTLS, VISN, CYBX, and DELL. I love the look of SYNA, VRTX, and GTLS and am considering picking up a few contracts that I will probably hold through tomorrow.

Tech still continues to be fairly resilient in this tape, along with small caps via the $RUT. The $INDU and $SPX are coiling up pretty tight over the last couple weeks, but don't get your heart set on a direction until things confirm.