Do This Until Traders Return
Hey Dave, I Didn’t See A Link In Your Column Last Night
I can assure you that I ate the hat. I have a stomach ache
to prove it. Sometimes, when the column is re-distributed, the link gets
stripped out. Email me if you need a link to the recording of webcast
(which also includes a look at current market conditions and an explanation of
how I scan for stocks).Â
On Wednesday, the Nasdaq opened slightly lower but soon
began to rally. However, it found its high in early trading and began to drift
lower. It spiked down on what turned out to be a bogus terror event but quickly
bounced back. It then drifted mostly sideways for the reminder of the day.
Ditto for the Ps.Â
It remains below its 200-day moving average which also
corresponds with a resistance level.Â
So what do we do? Nothing much has changed:
The market continues to hang in there but does remain below minor resistance.
Most sectors are either attempting to make a transition higher or are finding
support near their old lows (i.e. bottoming). Trading remains fairly thin as
summer draws to a close. Next week will be key as traders return from vacation.
Until then, continue to keep positions light.
No setups tonight. If you played the Biotech HOLDRs
(
BBH |
Quote |
Chart |
News |
PowerRating),
make sure you trail a stop higher.
Best of luck with your trading on Thursday!Â
Dave Landry
P.S. Reminder: Protective stops on every trade!
P.P.S. Learn my newest and most advanced version of my Bow
Ties Strategy. Click
here for details.
Â