Here’s Where I’m Seeing Potential Opportunities
On Friday, the Nasdaq rallied
early but soon found its high and began to sell off hard. It consolidated
throughout mid-day but the selling resumed late in the day. This action has it
closing poorly. It remains stuck in a sideways trading range.
The S&P put in a similar
performance. This action confirms that the recent breakout was a false one.
So what do we do?
I know I’ve been bearish for quite a while. And,
I’ve taken some “heat” for it via hate email. 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, Novamerica
(
TONS |
Quote |
Chart |
News |
PowerRating), in the weak steels (and let’s face it what good is weak steel?),
looks poised to resume its slide out of a First Thrust (as usual, email me if
you need the rules).
FYI
Due to technical difficulties
beyond my control, last week’s audio/visual presentation was held on Thursday
instead of Wednesday. I apologize for any inconvenience this may have caused.
Email me, if you would like a link to the archive of this presentation (and all
others for the last 7 months or so).
Best of luck with your trading
on Monday!
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.
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