Choppy
On Thursday, the Nasdaq opened flat and then chopped
around. The good news is that the recent lows held.
The S&P also chopped around but did manage to end up
slightly.
So what do we do? I don’t want
to make too much out of Thursday’s action or lack thereof. I suppose the
fact that the indices didn’t finish down is a positive though. Keep it light and
look to play both sides while we remain in this directionless mode.
Looking to potential setups,
Web Methods
(
WEBM |
Quote |
Chart |
News |
PowerRating) looks like it has the potential to resume its uptrend
out of a pennant.
Abgenix
(
ABGX |
Quote |
Chart |
News |
PowerRating), mentioned
Wednesday night and in the weak biotechs, still looks poised to continue its rollover
out of a Bow Tie.
Best of luck with
your trading on Friday!
Dave Landry
P.S. Reminder: Protective stops on
every trade!
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