Alive And Kicking
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, it looked somewhat encouraging early on as
the Nasdaq traded above (a) the prior day’s high. However, after chopping around
the rest of the morning, the sell-off resumed. This action has it closing on its
low (b).
This action has set
up quite a few shorts for Thursday. In fact, if I had a nickel for every short
that’s set up, I’d have a bunch of nickels!
On Tuesday, I asked
the question whether the bear was dead or just wounded. I think we got our answer
today.
Looking to potential setups, Hershey Foods
(
HSY |
Quote |
Chart |
News |
PowerRating), in
the defensive food group and on the Pullbacks
Off Highs List, looks poised to resume its uptrend out of a pullback.
Wendy’s
(
WEN |
Quote |
Chart |
News |
PowerRating), also on the Pullbacks
Off Highs List, also looks like it has the potential to resume to its strong
uptrend.
On the short side,
Sealed Air Corp.
(
SEE |
Quote |
Chart |
News |
PowerRating), mentioned recently and on the Implosion
10 Technology List, still looks poised to resume its meltdown.
The Q’s
(
QQQ |
Quote |
Chart |
News |
PowerRating), on the Pullbacks
Off Lows List, have stalled out near their recent highs and look poised
to challenge their old lows (b).
As mentioned
recently, Broadcom
(
BRCM |
Quote |
Chart |
News |
PowerRating) remains in a weak position. Continue to look for
a shorting opportunity here on any resumption of its downtrend.
Xilinx
(
XLNX |
Quote |
Chart |
News |
PowerRating), mentioned recently and on the Implosion
10 Technology List, appears to be resuming its strong downtrend.
Best
of luck with your trading on Thursday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
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