Chop Chop
On Friday, the Nasdaq opened flat and after a brief chop
higher, began to chop lower. This selling accelerated as some older gentleman
spoke in parables.
This action has it closing poorly and takes out the recent
lows. On the bright side, so far it’s holding up fairly well at these higher
levels.
The S&P also had a choppy day lower. It looks like it
will likely challenge its 50-day moving average.
So what do we do? Did I mention
that it’s choppy? The indices fail to reflect how truly choppy this market is.
Try holding on to a few momentum names and you’ll really get a feel for it.
Continue to keep it light and look to fire off a short or two if the opportunity
presents itself.
Looking to potential setups, Abgenix
(
ABGX |
Quote |
Chart |
News |
PowerRating), mentioned recently and in the weak biotechs, still looks poised to continue its rollover
out of a Bow Tie. This is especially true if it can take out (trade below)
its recent lows.
Other
If you bet bored this weekend,
read my latest article: How
To Add A Layer Of Discretion To Your Swing Trading. In it I discuss many
ways in which I believe discretion can improve your swing trading. As far as
content goes, I think its one of my best ever, but I’m a little biased. Check it out and let me
know what you think.
Best of luck with
your trading on Monday!
Dave Landry
P.S. Reminder: Protective stops on
every trade!
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