Here’s A Stock That’s Not So Durable
On Monday, the Nasdaq rallied on the open but then
traded back and forth for the remainder of the day.Â
Ditto for the P’s. Â
So what do we do? I’m not impressed with the
fact that the indices could not follow through from their strong open.
Longer-term, so far, the market only appears to be pulling back in its
downtrend. And, most sectors, like the indices themselves, either have topped or
remain in bona fide downtrends. In fact, in my watchlist for Tuesday, I have
identified setups in broad range of sectors such as durables,
non-durables, computer hardware, software, semis, and leisure (to name a few).
Therefore, continue to look for shorting opportunities but wait for entries in
light of Monday’s strength.Â
As far as setups, Diebold
(
DBD |
Quote |
Chart |
News |
PowerRating), in the weak durables
(and let’s face it, a weak durable can’t be that durable), looks poised to
resume its slide out of a First Thrust (as usual, email me if you need the rules
for the pattern).
Best of luck with your trading on Tuesday!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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