Horsing Around
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
markets opening. Therefore, overnight events may alter the
outcome of these observations.
Our
first live trading contest is now open for registration!
Sign up today for a chance to compete against thousands of
your fellow TradingMarkets.com members. For more information
on this free event, please go to
face=”Arial, Helvetica”>On Friday, the Nasdaq gapped open
(a) in what looked like a potential “run for the
roses” as traders whipped the indices higher in
pre-holiday trading. However, it quickly found its high and
began to stall. Then, just when the chance of a rally looked
like a long shot, the market turned around and was able to
mount a decent comeback.
width=”470″ height=”320″>
face=”Arial, Helvetica”>So where does this leave us? It’s
too early to handicap this situation. Early next week, there
will be lots of jockeying for position, as everyone will be
champing at the bit to get back in the saddle. Later in the
week, things should stabilize, and we should get better odds
of where the market is headed.*
face=”Arial, Helvetica”>Looking to potential setups, Pivotal
Corp.
(
PVTL |
Quote |
Chart |
News |
PowerRating), on the
From Highs List, appears to be coming out of its first
pullback since rallying out of a cup formation.
width=”470″ height=”320″>
face=”Arial, Helvetica”>In the strong oil service sector
(
$OSX.X |
Quote |
Chart |
News |
PowerRating),
Tidewater
(
TDW |
Quote |
Chart |
News |
PowerRating) and R&B Falcon
(
FLC |
Quote |
Chart |
News |
PowerRating), both on
the
From Highs List, look poised to rally out of pullbacks.
face=”Arial, Helvetica”>For you breakout players, Sandisk
(
SNDK |
Quote |
Chart |
News |
PowerRating),
mentioned
night, is just shy of taking out its recent highs.
Best
of luck with your trading on Tuesday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!
P.P.S. Hay, enjoy
your holiday!
face=”Arial, Helvetica”>*And, let’s hope its not a Zippy
Chippy market. Free TradingMarkets.com hat to the FIRST
person to tell me (via e-mail) who Zippy Chippy is.
Â