If You’re Struggling, Learn From This Valuable Lesson
Emails Of The Day
On being a trend following moron:Â
Subject: you are biggest NUT i HAVE COME ACROSS
You are one of the reason reAson I cancellrd my sbcription to TM.
R. Patel
Looks like he “cancellrd”
his “sbcription” to spell & grammar check too.Â
On being politically correct:Â
Subject: Dead Cat Bounce
Dave, Im listening to your recent video and noticed
that you where having trouble with the Politically Correct version of Dead Cat Bounce and Skin the Cat.
The solution is provided by James Taranto of the Wall
Street Journal Best of the Web. These animals are technically not cats, but Feline-Americans. Your dog
would be a Canine-American.
So to keep the protestors off your doorstep, I suggest using Deceased Feline-American Rebound.
And always mention that the Feline-American is no longer living because of Bush’s failed domestic policy
and Haliburton.Â
That should cover all your basis.
Sincerely,
Michael Bradley
Before you reply, please read the following disclaimers:
The opinions expressed by the emails are not necessarily the views held by Mr.
Landry or his affiliates. There is a risk of loss in trading. Erections lasting
more than 4 hours require immediate medical attention. In case of rash,
discontinue use. Close box before striking. Objects in mirror are closer than
they appear. Â
On what I know now and wish I’d knew
many years ago:
Subject: Archives of weekly
trading lessons
I found your advice about picking one strategy that works and sticking with it has made the difference between being marginally unprofitable and profitable. Of course it took me over a year of experimenting and tens of thousands of bucks to figure that out on my own. Why didn’t I stumble across
your column/lessons earlier? Instead I tried to trade breakouts, fade fake-outs, trade continuity pullbacks, channels,Â
etc. I’m sure each works for many traders, but trying to learn and trade them all at once as a new trader cost me plenty.
I look forward to hearing more of your observations in the archived audio commentaries.
Thanks,
Dakota SullivanÂ
Well said Dakota!Â
On Friday, the Nasdaq opened firm but soon found its
high and began to sell off. It found its low by mid-day and then chopped back-and-forth
for the remainder of the day.Â

The S&Ps also had a choppy day but managed to finish in
the plus column.Â

In the sectors, technology, with the exception of the
semis, continues to lag the overall market. Many of these areas (software,
hardware, biotech, telecom etc..) have returned to the bottom of their
short-term trading ranges. Outside of technology, broker/dealer is breaking
down. The banks (overall) are hitting new lows. Retail is testing the bottom of
its trading range. On the upside, gold is trying to make a transition higher
but will have some overhead resistance to overcome. The energies remain in sharp
uptrends but are extended and due for a pullback.Â
So what do we do? Except for a few areas such
the energies, the market remains extremely choppy. This, combined with the fact
that the sector action remains questionable, is keeping mostly on the sidelines.
Therefore, on the long side, I still think we should wait until the S&P can
prove itself by making new highs. On the short side, if the aforementioned
sectors continue to break down, we should see numerous setups on the first
pullback.Â
No setups tonight, if you took recent recommendations such
as Tidewater
(
TDW |
Quote |
Chart |
News |
PowerRating), in the energies/shipping, make sure you are trailing
your stops higher.Â
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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