Get Ready To Buy But Wait For This
On Friday, after a slow start, the Nasdaq rallied for a solid trend day
higher. This action has it closing well and above the 2100 resistance level.
The S&P also rallied for solid trend day higher.
So what do we do? The continued strength
in the market is impressive. This is especially true when you consider the
recent negative news events. The Nasdaq closed above the well-watched
2100 level and is now at its highest levels since early January. Many sectors,
especially tech related, broke out to new highs. Friday’s action is a major
positive. So is it the all-clear? Well, time will tell but so far it looks like
a pretty good start. Remain patient and wait to see if the market follows
through. If it does, we should see a plethora of setups on the first pullback
(as you likely know, the methodology is based on pullbacks and not breakouts).
No setups tonight.
Housekeeping
Once again, I have last week’s audio/visual presentation and those for the prior year archived. They cover many topics such
as scanning, choosing the best setups, psychology, position management etc… Email me if you would like
the (free) file containing the links.
Best of luck with your trading on Monday!
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.