An Exercise In Futility
On Wednesday, the Nasdaq lapped higher but immediately began
to sell off. This action took it below Tuesday’s low before it began to bounce.
After testing the morning lows once again late in the day, it rallied to close
well.
The S&P also took out
Tuesday’s lows before recovering to close well.
So what do we do? I’m
encouraged that the market was able to turnaround intra-day but I think it’ll
take more than an afternoon rally to end this bear market. Also, as I flip
through hundreds of charts looking for setups, I find it to be mostly an
exercise in futility (ironically I spoke with another trader earlier today who
essentially said the same). Therefore, I’m letting the database
“speak” to me. And right now, its saying wait for better times.
Looking to potential setups, Integra Life Sciences
(
IART |
Quote |
Chart |
News |
PowerRating)
rallied to recover most of Tuesday’s losses. This action suggests that its
longer-term strong uptrend remains intact.
On the short side, Western
Wireless
(
WWCA |
Quote |
Chart |
News |
PowerRating) looks poised to continue its meltdown out of a pullback
from lows.
Other
Yesterday,
I was asked why I put “best of luck with you trading” at the end of
every column. He pointed out that “luck has nothing to do in the trading
world” (btw, I have been asked this before). My answer: “luck favors
the prepared”.Â
Best of luck with
your trading on Thursday!
Dave Landry
P.S. Reminder: Protective stops on
every trade!
“…I am one of your very satisfied customers. I’m glad I purchased your book!…..”
Larry P.
Â
No risk,
30-day, money back guarantee.
Â