Better Days Will Come
Â
On Tuesday, the Nasdaq opened flat and began to
drift higher in thin, pre-Fed trading. Then, on the announcement, it
began to free-fall.Â
This selling carried into the close and has the
index at fresh 4-month lows.
Â
The S&P also sold
off hard. It is holding just above its recent lows.
Â
So what do we do? At
the risk of boring you to death, I think the oversold market speech is
in order: If you try to buy, oversold will become more oversold. If
you try to short, then it’ll bounce. Further, the light volume that
we’ve seen as this summer winds down continues to make for choppy
trading. Therefore, I’d continue to tread lightly until conditions
improve. Better days will come. And those who save their money will be
there to participate.
After scanning
through thousands of charts and flipping through several hundred more,
I wasn’t able to find too many meaningful setups.
AOL Time Warner (AOL)
tailed higher but reversed to close poorly. This action suggests that
its downtrend remains intact.
Other
Several of you asked
me why I discounted last night’s Market Bias buy signals. There was
nothing “magical” that I was keeping to myself. It was
simply based on those reasons given last night:Â “a lack of
decent setups, low volume, choppy trading and, of course, the looming
Fed decision.“
Best of luck with
your trading on Wednesday!
Dave Landry
P.S. Reminder: Protective stops on
every trade!
“…The
book is unlike any other trading manual I have read……I feel like
it has given me a framework for swing trading that will work
year in and year out….”
Mark H.
Tulsa, Oklahoma
Â
No risk,
30-day, money back guarantee.
Â
On Tuesday, the Nasdaq opened flat and began to
drift higher in thin, pre-Fed trading. Then, on the announcement, it
began to free-fall.Â
This selling carried into the close and has the
index at fresh 4-month lows.
Â
The S&P also sold
off hard. It is holding just above its recent lows.
Â
So what do we do? At
the risk of boring you to death, I think the oversold market speech is
in order: If you try to buy, oversold will become more oversold. If
you try to short, then it’ll bounce. Further, the light volume that
we’ve seen as this summer winds down continues to make for choppy
trading. Therefore, I’d continue to tread lightly until conditions
improve. Better days will come. And those who save their money will be
there to participate.
After scanning
through thousands of charts and flipping through several hundred more,
I wasn’t able to find too many meaningful setups.
AOL Time Warner (AOL)
tailed higher but reversed to close poorly. This action suggests that
its downtrend remains intact.
Other
Several of you asked
me why I discounted last night’s Market Bias buy signals. There was
nothing “magical” that I was keeping to myself. It was
simply based on those reasons given last night:Â ” a lack of
decent setups, low volume, choppy trading and, of course, the looming
Fed decision”.Â
Best of luck with
your trading on Wednesday!
Dave Landry
P.S. Reminder: Protective stops on
every trade!
“…The
book is unlike any other trading manual I have read……I feel like
it has given me a framework for swing trading that will work
year in and year out….”
Mark H.
Tulsa, Oklahoma
Â
No risk,
30-day, money back guarantee.
Â