Six Words That Could Save You A LOT Of Money
On Tuesday, the Nasdaq opened firmer and initially rallied but found its
high and began to sell off. Then after chopping sideways throughout mid-day, it
resumed its sell off in early afternoon trading.
This action keeps it below short-term and
longer-term resistance.
The S&P put in a somewhat similar performance but
managed to stay in the plus column.
This action keeps it right at its 50-day moving average.
It also keeps it below shorter-term and longer-term resistance.
^next^
As I pondered what I would talk about tonight, I began to
think that I really don’t have anything to say.* After all, there were virtually
no meaningful setups, the indices remain choppy, below resistance, and appear to
be settling into a sideways trading range—pretty much the same thing I have
been saying lately ad nauseam. Then, right as I reached for the phone to notify
my copy editor (who is now back from vacation, so you can stop emailing me to
tell my how bad my grammar be**), I began to think, maybe I do have something to
say:
Don’t try to make something happen by trading in these
less-than-ideal conditions. Or worse, don’t jump to another methodology.
Trade your style. If you are a trend trader, use this time as a chance to take a
break or better yet, do a little market research.
So what do we do?
Let the markets come
to you.
No setups tonight.
Best of luck with your trading on Wednesday!
Dave Landry
P.S. Reminder: Protective stops on every trade!
P.P.S. My new 20-hour course is now shipping.
Click here for details.
*So what else is new? There, I saved you an email.
**For those with no sense of humor, I purposely used bad grammar in this
sentence.