2 areas that may have potential


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On Tuesday,  the Nasdaq opened firmer but quickly found its high and
sold off. It then chopped sideways for the remainder of the day. It did manage
to end in the plus column though.    

After a weak start, the S&P chopped its way higher.    

 

So what do we do?  The S&P is bumping up against resistance
yet again. As I preach, follow through is key. Notice how many times it has been
here lately. Therefore, wait to see if it can have a decisive breakout (and
stick!) before becoming too excited. The Nasdaq and many tech sectors are
punk–they can’t seem to get going. Therefore, until the S&P breaks out and
the Nasdaq follows, avoid the long side. On the short side, various transports
appear to be forming tops. Watch for shorts here. The major oils are at an
inflection point. If they stall out soon, it would suggests a top. If they keep
going, it would suggests that they have one more of their 9 lives left.
Therefore, for the aggressive, look for a shorting opportunity  here but
wait for entries since they have been strong as of late. 

As far as setups, C.H. Robinson
(
CHRW |
Quote |
Chart |
News |
PowerRating)
in the Air
Delivery & Freight Service sector, looks like it has the potential to make
another leg down out of a pullback. 

 

Wednesday’s With Dave

It’s that time again. On Wednesday 05/03/06 at 11:00 AM EST, I will be hosting my weekly interactive lesson.
I plan on covering  market and sector conditions, money  and position
management techniques using recent examples. Believe it or not, some
momentum stuff actually worked! Once I’m done with all that, I’ll will  then take your questions on
individual issues or trading in general. As usual, admission is free (and I give money back guarantees if not completely satisfied!).
However,  the space is limited by the software. Email me if you need instructions on how to join (the same each week) or if you would like the archives for the prior year (covering topics such as money & position management, scanning, picking the best setups, sectors, longer-term trend following and a plethora of other stuff). 

Best of luck with your trading on Wednesday! 

Dave Landry

dave@davelandry.com

P.S. Reminder: Protective stops on every trade!

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