Bull, bear? How about sideways?
Dave Landry is principal of Sentive
Trading, a money management firm, and a principal of Harvest Capital Management.
Mr. Landry is the author of two top selling books,
Dave Landry’s 10 Best Swing Trader Patterns And Strategies
and
Dave Landry On Swing Trading. If you would
like a free trial to Dave’s Nightly Swing Trading Alerts Report
click here or call 888-484-8220 ext.
1.
On Friday A.M., the Nasdaq rallied, pull back, and rallied. In
the afternoon, it drifted higher.
The S&P also rallied.
So what do we do?
Up up, down down, up up, down down, up. No,
I’m not quoting my aerobics instructor from my annual workout. I’m simply
looking at the market for the last few weeks. It’s choppy out there. It’s funny,
every time the market rallies, the bulls come out of the woodwork. And every
time the market sells off, most crawl back in (but a enough stay out to annoy us).
Yes, Friday was good for the bulls. As usual though, follow through is
key. The Nasdaq remains below longer-term overhead
resistance. And so far, the S&P is still in a range. In the sectors, major
oils are hovering near all time highs. Many tech areas such as the semis,
Internet, and hardware remain in solid downtrends. Outside of tech, areas such as
retail, manufacturing, and materials & construction (to name a few) also
remain in downtrends. So am I a bull? Not yet, but, as trend following
moron, I will be IF the market can follow through.
No setups tonight.
Best of luck with your trading on Monday!
Dave Landry
P.S. Reminder: Protective stops on every trade!
P.P.S. If you would like a free
trial to my trading service, click
here.