Bounce Mode?
On Friday, the Nasdaq higher and chopped back and forth. It
did manage to close well though.
The S&P was also choppy but also managed to close well.
So what do we do? The oversold nature of the market
combined with buy signals beginning to trigger (e.g., a repeat CVR I and a repeat
TRIN Reversal) suggests that we are in bounce mode. Don’t bet the farm
though, I would treat it as a bounce only.Â
Looking to potential setups, our old friend Coach
(
COH |
Quote |
Chart |
News |
PowerRating),
in the strong consumer non-durables, is set up as a pullback once again. Let’s
hope (oops, did I say hope?) it gives us another great walkthrough.
Best of luck with
your trading on Monday!
Dave Landry
P.S. Reminder: Protective stops on
every trade!
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