Here’s A Stock That Has Potential In Spite Of The Market
On Tuesday, the Nasdaq opened higher but soon found
its high and then generally sold off throughout the day. This action has it
closing poorly and it has it approaching the bottom of its sideways trading
range.
The S&P also sold off hard.
So what do we do?
As I went to delete my
last commentary to start writing this one, I realized that nothing had changed.
Therefore, the song remains the same: I know I’ve been bearish
for quite a while. And, I’ve taken some “heat” for it via hate emails
for that. However, I
just call ’em like I see ’em: The Nasdaq is stuck in a sideways range and the
S&P has been lead by commodity related stocks. And now since those stocks are now
failing, one has to wonder if some new leaders will emerge. Continue to avoid
longs. On the short side, for the aggressive, begin watching for transitional
patterns (early trends) in the metals & mining (less gold & silver) and
energy stocks.
As far as setups, for the aggressive,
Apache Corp.
(
APA |
Quote |
Chart |
News |
PowerRating),
in energy, looks like it has the potential to continue its slide out of a
pattern I call a “Reversal Gap Strategy” (as usual, email me if you need the
rules).
Housekeeping
Some email accounts are rejecting attachments such as the
archives from my weekly trading lessons. If you made a request and did receive
it, please try again from an alternate source (FYI, I have had very good luck
with free Yahoo! accounts).
Best of luck with your trading on Tuesday!
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.