Get Ready To Get Ready
On Thursday, the Nasdaq opened soft but found its low by
mid morning and began to rally. It then generally worked its way higher for the
remainder of the day. This action has it closing well and puts it nicely above
its recent trading range.Â
The S&P was much more impressive. It broke out nicely.
This action puts it at new closing highs for the year.Â
So what do we do? As I have been
saying, there are two things that this market has to do before I would get
aggressive on the long side: 1) have a meaningful breakout and then 2) have an
orderly pullback. Based on the magnitude of Thursday’s rally, step one is now
complete. Now all we need to do is to wait to see if it can have an orderly
pullback. If it does, we will then look to enter as the trend resumes.
No setups tonight. Relax! Based on Thursday’s action,
we could see a plethora of setups soon.Â
Best of luck with your trading on Friday!Â
Dave Landry
P.S. Reminder: Protective stops on every trade!
P.P.S. Learn my newest and most advanced version of my Bow
Ties Strategy. Click
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