Correction Complete
On Thursday, the Nasdaq rallied nicely to erase most of
Wednesday’s losses. It wasn’t the smoothest trend I’ve ever seen, but hey, we’ll
take what we can get.
I especially like the action in the S&P. It undercut
recent support but then reversed to close well.
So what do we do? Thursday’s
action is very encouraging. It suggests once again that buyers are out there.
And, they aren’t willing to wait for a deeper correction. Therefore, look to
play the long side but, as always, wait for entries and honor your stops.
‘Cause, that’s just my opinion. I may be wrong.
Looking to potential setups, many of the biotechs and the
holders themselves (BBH)
are set up as pullbacks from highs.
Our old friend Boston
Scientific (BSX)
still looks interesting.
Contest: Over $2500 In
Prizes
It’s been a while since we’ve
had some fun. Answer the following three questions correctly and I’ll enter you
in a drawing to be held next Thursday. The winner gets a one-year
free subscription to my trading
service, second
place gets a free six-month
subscription and third place gets a free three-month
subscription. The questions are:
1. What is the name of the bull
I used to have? (hint: he’s not "bull"-ish).
2. Isabelle Florence Landry was
born on what day? (hint: a milestone for the Nasdaq)
3. "Trend
Following _________"
(hint: not genius)
Bonus question: free one-month
subscription to the
first
person who explains the "milestone" in the hint of question #2.
Rules: Only one entry per person. Must have a valid
email address. Trading Markets employees are not eligible.
Other Fine Print:
There is a risk of loss in trading. Past
performance is no guarantee of future performance. In case of rash, discontinue
use. Close box before striking. Objects are closer than they appear. Under 2,
consult physician. Results not typical. If you are severely overweight, consult
your physician. Do not use near fire or flame.
Best of luck with your trading
on Friday!
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.