Get ready to buy but wait for this
On Friday, the Nasdaq rallied nicely. This action has it breaking out
of its trading range.
Ditto for the Ps:Â
In the sectors, tech, as represented by the aforementioned Nasdaq, was
extremely strong. Let’s look at a few areas:
Biotech is breaking out of its high level trading range.Â
Internet is too.Â
And software, which had been lagging, is also breaking out:Â
So What Do We Do? As illustrated above, the market and many sectors
look great. So as momentum players, should we just blindly buy? No. Wait for a
pullback and then look to get long if the trend resumes.Â
No setups tonight (Friday). Remain patient. On a pullback we will likely see
a plethora of setups.
Best of luck with your trading on Monday!
Dave Landry
P.S. Reminder: Protective stops on every trade!
P.P.S. If you would like a free
trial to my trading service, click
here.