Here’s A Stock That Could Be Going Down
On Tuesday, the Nasdaq rallied in early trading, drifted
ahead of the Fed, dipped, and finally resumed its rally going into the
close.
This action has it closing well.
The S&P put in a similar performance.
So what do we do?
So far, the Big Blue Arrows
still point down for the indices, the majority of the sectors, and the majority
of stocks themselves. Even previous leaders such as the energy stocks appear to
be forming tops. Therefore, now that the market is pulling back, began looking
to re-establish positions on the short side. For now, stick with those at higher
levels such as the aforementioned energy stocks.
As far as setups, BJ Services
(
BJS |
Quote |
Chart |
News |
PowerRating), often confused
with an escort service but actually is an oil service stock, looks poised to
resume its recent slide out of a First Thrusts.
Best of luck with your trading on Wednesday!
Dave Landry
P.S. Reminder: Protective stops on every trade!
P.P.S. My new 20-hour course is now shipping.
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more, or to order..