Here’s a stock that looks like it has potential
Dave Landry is principal of Sentive Trading, a money management firm, and a
principal of Harvest Capital Management. Mr. Landry is the author of two top
selling books,
>Dave Landry’s 10 Best Swing Trader Patterns And Strategies and
>Dave Landry On Swing Trading.
If you would like a free trial to Dave’s Nightly Swing Trading Alerts Report
On Tuesday, the Nasdaq opened lower and then chopped sideways.Â
It sold off in late-morning/early afternoon trading but was able to recoup some
of those losses late in the day. Â
The S&P put in a somewhat similar performance. Â
So What Do We Do? I like the fact that the indices pulled back a
little further on Tuesday. As mentioned on Friday, this type of action tends to
shake out nervous longs and it attracts some eager shorts. This helps to clear the
way for the market to trade higher. Therefore, look for opportunities on the
long side but wait for entries just in case the market corrects further.Â
As far as setups, Sandisk
(
SNDK |
Quote |
Chart |
News |
PowerRating), mentioned last Friday, still
looks like it has the potential to rally out of a pullback.Â
Weekly Show
Wow, has it been a week already? As the frog says, “time’s fun when
you’re having flies.” Anyway, on Wednesday at 11:00 AM Eastern, I will be
doing my weekly audio/visual interactive presentation. This week we will discuss
the goal of having short-term trades turn in to longer-term positions, general
guidelines for setting stops, and where I’m seeing opportunities. I’ll also take
your questions on trading or on individual stocks. As always, admission is free
but limited by the software. Email me if you need instructions on how to join
(the same each week if you already have them).Â
Best of luck with your trading on Wednesday!
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.
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