EXACTLY What I Will Be Doing Next Week
On Thursday, the Nasdaq chopped around in a narrow range.
This puts the index right at its 50-day moving
average.
The S&P was also choppy but managed to put in a decent
day and close well. It too is now right at its 50-day moving average.
So what do we do? The fact that the indices and some
sectors are back at their 50-day moving averages is constructive. However, I’m
still seeing a LOT more stocks that look like better shorts than longs. In fact,
the only interesting stocks on the long side remain commodity related.
Therefore, on the long side, look for opportunities in gold stocks and
independent oil & gas. On the short side, I would take it easy on new
positions and manage what you already have since we could be in bounce mode. No mater what you do, continue to keep
it light as this year winds down. Next week will likely be especially thin
and choppy (see below, I have outlined exactly what I will be doing).
Looking to potential setups, Newmont Mining
(
NEM |
Quote |
Chart |
News |
PowerRating),
mentioned recently and in the strong gold mining sector, still looks like it has
the potential to resume its uptrend out of a pullback (a Trend Pivot Pullback).
Goals For The Week Of December 25th
The holiday week of
Christmas is notorious for thin and choppy trading. Therefore, for the first time in
memory, I will be taking a
vacation. My column will resume Monday December 30.
Being a type “A†individual, I have set goals for this vacation.
They include: circumnavigate Lake Ponchatrain alone (I might have beer with me), reach level 4 in Splinter Cell (on the Xbox which I know I will be getting for Christmas, HINT HINT),
outrace my step-daughter in Project Gotham Racing (another hint), cook award
winning hot wings and see potential Oscar candidate movies such as “Jackassâ€. I also plan on pretending that my small farm is a ranch and do “rancher†things like ride a horse, mend a fence, burn something, clear some brush, eat an animal (either “Queen LaBeefa†or “The Utter Oneâ€) and catch and eat Bertha the bass.
Maybe Santa will give me a digital camera (another hint) so I can document all
of the above.
Other
FYI, for those who have been asking me when the video will
go on sale:
It’s on sale (20% off) until Monday December 23.
Shipping is free and overnight.
Best of luck with
your trading on Monday!
Dave Landry
HAPPY HOLIDAYS!
P.S. Reminder: Protective stops on
every trade!
“…Your book is a great read. You have a way of making a complicated market LOOK simple (not an easy task)….”
Ron Furden
Furden Capital Management, LLC
