Blue Arrows In My Quiver
On Tuesday, the Nasdaq started firmer but quickly began to
slide. Aside from some mid-day chop, the selling continued throughout the day.
This action has it closing last week’s gap (a) and suggests the May lows will be
challenged.
The S&P also sold off hard. It too looks poised to
challenge its recent lows.
So what do we do? So far, the big blue arrows haven’t let
me down. Therefore, the short side still remains the logical play. One caveat
though, the market is quickly becoming oversold. Also, tonight (Tuesday) there
were very few meaningful setups. As mentioned before, this usually is a
sign for me to keep it light.
Looking to potential setups, Schering Plough
(
SGP |
Quote |
Chart |
News |
PowerRating), in
the weak drugs (and you know how I feel, what good are weak drugs?), looks
poised to continue its strong downtrend.
Emails Of The Day
Every time I hear the name “Gruntal” I think about taking a dump – and
apparently the market does too!
….just wanted to thank you for your great call of IDPH on the one hand and
sharing your insights every day on the more important other hand. Today is one of my best days ever, thanks to your methodology of tradingÂ
with the big black arrow!…
Alex G.
Best of luck with
your trading on Wednesday!
Dave Landry
P.S. Reminder: Protective stops on
every trade!
“….I still feel that your book is the best book on the subject and
offers me the best methodology for swing trading. In short, your method is outstanding…”
Michael M.
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