Drift

  • August 30, 2000
  • Dave Landry

Each evening we focus
on the most interesting aspects for the upcoming trading
day. The comments are based on observations of the nightly
updates of the Stocks/Sectors and Market Bias pages. They
are provided for educational purposes only and are not
intended to be direct trading advice. Also, keep in mind
that these remarks are made up to 12 hours in advance of the
markets opening. Therefore, overnight events may alter the
outcome of these observations.

Our
first live trading contest is now open for registration!
Sign up today for a chance to compete against thousands of
your fellow TradingMarkets.com members. For more information
on this free event, please go to
href=”https://tradingmarkets.com.site/kingtm/introduction/process/ktm_splash.htm”>color=”#FF0000″>King Of TradingMarkets.

href=”https://tradingmarkets.com.site/stocks/education/patterns/08092000-7762.cfm”>color=”#0000FF” size=”2″ face=”Arial, Helvetica”>Click herecolor=”#0000FF” size=”2″ face=”Arial, Helvetica”> to check
out “Bow Ties,” my latest trading lesson.

face=”Arial, Helvetica”>On Wednesday, the Nasdaq had another
marginal day higher as it grinded to just above the 4,100
resistance.

face=”Arial, Helvetica”>src=”https://tradingmarkets.com/media/images/Landry/otc083000.gif”
width=”470″ height=”320″>

face=”Arial, Helvetica”>The S&P continued to sell off in
what looks (at least so far) like an orderly correction.

face=”Arial, Helvetica”>src=”https://tradingmarkets.com/media/images/Landry/spx1083000.gif”
width=”470″ height=”320″>

face=”Arial, Helvetica”>Chances are still likely that the
market will continue to correct (drift?) until everyone gets
back from vacation. So far, this action looks constructive.

face=”Arial, Helvetica”>Looking to potential setups, Vertex
Pharmaceuticals
(
VRTX |
Quote |
Chart |
News |
PowerRating), on the href=”https://tradingmarkets.com.site/stocks/indicators/up/pmlt.cfm”>Proprietary
Momentum and href=”https://tradingmarkets.com.site/stocks/indicators/up/pull.cfm”>Pullbacks
Off Highs lists, is consolidating at higher levels and
looks poised to resume its strong uptrend.

face=”Arial, Helvetica”>src=”https://tradingmarkets.com/media/images/Landry/vrtx083000.gif”
width=”470″ height=”320″>

face=”Arial, Helvetica”>MedImmune
(
MEDI |
Quote |
Chart |
News |
PowerRating), on the href=”https://tradingmarkets.com.site/stocks/indicators/up/cuph.cfm”>Cup
And Handle Patterns List, looks poised to break higher
before it can complete its handle.

face=”Arial, Helvetica”>For you breakout players, Ariba
(
ARBA |
Quote |
Chart |
News |
PowerRating),
mentioned href=”https://tradingmarkets.com.site/stocks/commentary/dlstoutlook/08282000-8183.cfm”>Tuesday
night, hit and closed at a new four-month high as
volatility began to revert to its mean (a). The stock still
looks like it has the potential to trade higher off of its
high-level base.

face=”Arial, Helvetica”>src=”https://tradingmarkets.com/media/images/Landry/arba083000.gif”
width=”470″ height=”320″>

On
the short side, Alltel
(
AT |
Quote |
Chart |
News |
PowerRating), on the href=”https://tradingmarkets.com.site/stocks/indicators/down/pilt.cfm”>Proprietary
Implosion List, is consolidating at lower levels and
looks poised to break lower.

Best
of luck with your trading on Thursday!

face=”Arial, Helvetica”>Dave Landry

P.S. Reminder:
Protective stops on every trade!