Focus On These Areas Until The S&P Improves
On Tuesday, the Nasdaq started off strong but soon began to chop
sideways. It rallied in early afternoon trading but then chopped sideways again
going into the close.
The S&P put in a somewhat similar performance. Â
So what do we do? I still remained concerned that the S&P
hasn’t made much forward progress lately. It’s important for it to break out of
this “wedging” pattern (note, I’ll discuss this in more detail in
Wednesday’s presentation). The Nasdaq and most technology areas still remain
constructive though. Therefore, on the long side, continue to focus on technlogy. Outside of tech, metals & mining also looks like it has potential. On the short side,
the HMOs still look poised to continue their recent rollover out of a First
Thrust.
As far as setups, the Neurocrine BiosciencesÂ
(
NBIX |
Quote |
Chart |
News |
PowerRating) look poised to resume
its sharp uptrend out of a pullback. Wait for an entry though since it was down on
Tuesday.
FYI
Tomorrow (Wednesday July 27), I will be doing my weekly interactive
presentation at 11:00 A.M. EST. Â Email me if you would
like to participate (it’s free but space is limited to 50). NOTE: If you have
emailed me in the past on this, the instructions are the same each week. Â
Best of luck with your trading on Wednesday!
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
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