Here’s your 3 step plan for trading this market
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 Friday, the Nasdaq opened firmer and then chopped back
and forth for the rest of the day.
The S&P generally worked its way higher.
So what do we do? The market has finally begun to bounce from
oversold. This action sets up the indices and many sectors as pullbacks from
lows. This one’s a no brainer (it’s a good thing, because I’m a Trend Following
Moron) 1. Begin looking to (re) establish shorts. 2. Continue to honor
your stops on existing shorts just in case this correction isn’t over. And 3.
For the aggressive, look for a shorting opportunity in the index shares,
especially if they gap higher and then show early signs of reversing.
As far as setups, NII Holdings
(
NIHD |
Quote |
Chart |
News |
PowerRating) looks poised to
resume its slide out of a First Thrust (email me if you need the rules–Note:
I’m a little behind but hope to catch up soon. Thanks for your patience!).
Enjoy your holiday!
Best of luck with your trading on Tuesday!
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.