Same As It Ever Was?
Each evening we focus
on the most interesting aspects for the upcoming trading
day. The comments are based on observations of the nightly
updates of the Stocks/Sectors and Market Bias pages. They
are provided for educational purposes only and are not
intended to be direct trading advice. Also, keep in mind
that these remarks are made up to 12 hours in advance of the
market’s opening. Therefore, overnight events may alter the
outcome of these observations.
On Wednesday, the Nasdaq opened flat-ish and began to
rally. This rally continued until the Fed’s announcement threw a wet blanket on
things. Then, after going negative, it mounted a decent comeback into the close.
I’m a little disappointed that we didn’t see more follow-through to the upside on Wednesday but we’ll score it as a minor positive
nonetheless. Also, the fact that some our setups such as NetIQ
(
NTIQ |
Quote |
Chart |
News |
PowerRating)
continued to follow through is somewhat encouraging.
So what do we do? It seems like the market is
beginning to stall out in its retrace rally. Therefore, it looks like we’re back
to the “stay defensive and consider shorts mode.” Â
Looking to potential setups, Winn Dixie
(
WIN |
Quote |
Chart |
News |
PowerRating), on the Pullbacks
Off Highs List, looks poised to continue its strong uptrend out of a
pullback.
USA Education
(
SLM |
Quote |
Chart |
News |
PowerRating), also on the Pullbacks
Off Highs List, looks like it has the potential to resume its uptrend out of
a two-step pullback.
On the short side, Globe Span
(
GSPN |
Quote |
Chart |
News |
PowerRating),
mentioned recently and on the Pullbacks
Off Lows List, looks poised to resume its strong downtrend out of a
shallow pullback.
Continuing
on the short side, Cor Therapeutics
(
CORR |
Quote |
Chart |
News |
PowerRating) is in day-two of a pullback from
lows and looks poised to resume its downtrend.
Best
of luck with your trading on Thursday!Â
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!
P.P.S. BTW, you’ll never have to worry about me plugging my upcoming book
on swing
trading at a 20% discount. That’s just not me.
.
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