Buyers Aren’t Willing To Wait
On Friday, the Nasdaq closed well after a nice trend day
higher.

The S&P also had a nice trend day.

So what do we do? The
market still remains overbought;
the
corrections lately haven’t been deep enough to work off the overbought
conditions. This suggests that there are a lot of buyers out there that aren’t
willing to wait. Therefore, I think we can focus mostly on the long side.
However, don’t completely forget about the short side as we could set up for
another correction soon.
Looking to potential setups, Silicon Labs (SLAB),
mentioned recently, still looks poised to rally out of a pullback.

Cree (CREE),
another strong semi, looks like it has the potential to rally out of a big–picture
cup an handle.

Trail ‘Em
If You Got ‘Em
Lately, I have been showing where a two-bar low trailing
stop would be placed on Boston Scientific (BSX),
a stock mentioned recently (see archives for more details). Below I
have updated the chart.

Best of luck with your trading
on Monday!
Dave Landry
P.S. Reminder: Protective stops on every trade!
"…….I
think it is certainly a "must have" for anyone interested in
successful short-term trading…."
John D.
No risk, 30-day, money
back guarantee.