Here’s A Setup In A Hot IPO
On Thursday, the Nasdaq traded back-and-forth in a fairly
narrow range. This action puts it right at minor overhead resistance.Â
The S&P ended flat after trading lower. The action
keeps it below overhead resistance/its 200-day moving average (circa 1120).
In the sectors, commodity related stocks remain in strong
uptrends. However, most other areas have been trading sideways as of late. And,
most also remain below recent highs/overhead resistance (like the market
itself). Â
So what do we do? Considering the above,
unless you are positioning in the aforementioned commodity areas, you probably
want to wait to see if this market can break out (and stick) before looking to
establish new positions.Â
As far as setups, energy related IPO Interoil
(
IOC |
Quote |
Chart |
News |
PowerRating)
looks like it has the potential to extend its sharp uptrend out of its first
pullback since going public. Â
Best of luck with your trading on Friday!Â
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.
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