Watch This Number
Email Of The Day
You basically never recommend taking action. I thought based on the title of the
article “why
Thursday’s action was significant” you would recommend opening some long positions, but I guess I was wrong. I
don’t see the point of your article since your advice is to just invest in something else other than stocks.Â
Name Withheld.
So far this year, I have recommended buying or shorting over 20 stocks. 70%
of those that triggered have rallied to meet or exceed the profit target as
outlined by my swing trading Primer (taken from “Dave Landry’s 10 Best
Swing Trading Patterns And Strategies” published in 2003).Â
Disclaimer:Â
Past performance is no guarantee of future performance. Objects in mirror are
closer than they appear. Close box before striking. In case of rash,
discontinue use. Erections lasting more than 4 hours, though rare, require
immediate medical attention.Â
Smoke ’em If You Got ’em
Lca-vision
(
LCAV |
Quote |
Chart |
News |
PowerRating) (see I do occasionally recommend doing something!) has
rallied over 2-points since first mentioned (a). When blessed with such a quick
profit–especially when the stock and the market (e.g. the Nasdaq)Â is bumping up against
resistance–make sure you lock in a piece and tighten your stop up to breakeven on
the remainder.Â
On Friday, the Nasdaq open higher but quickly found its high and began to
sell off. It found its low by mid-morning and then generally chopped
back-and-forth for the remainder of the day. This action has it stalling
at the recently mentioned and well watched 2100 resistance level.Â
The S&P put in a somewhat similar performance
but managed to tack on 6 points for the day. This action keeps its recent
breakout from its trading range intact.Â
So what do we do?  I like the action in
the S&P a lot. Each day it stays above its breakout level is significant.
I’m a little concerned that many of the stocks that are keeping it at these
levels are energy stocks, but hey, I’m not going to “look a gift horse in
the mouth.” The Nasdaq is a different story, once again, it’s important for
it to get past the well watched 2100 level. Once this occurs, we should see
plenty of setups on a pullback.Â
No setups tonight. Gee, maybe Mr. Withheld was right?
Best of luck with your trading on Monday!
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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