I’m Still Looking At This One
On Tuesday, the Nasdaq opened firmer and after a brief
pullback, generally worked its way higher throughout the morning. It then
chopped back and forth for the remainder of the day.
The S&P put in a similar performance but did show more
strength going into the close.
So what do we do? As I scan through hundreds of charts
tonight, I’m still seeing numerous charts in a variety of sectors that appear to
be rolling over. Of these, many could set up soon as shorts. On the long side,
there are very few meaningful potential stocks setting up. Therefore, I still
think transitional shorts (e.g., First Thrusts, Bow Ties, Inverted Cup &
Handles, etc..) could offer opportunities. However, based on recent volatility, I
still see no reason to get too aggressive.
Looking to potential setups, Celgene
(
CELG |
Quote |
Chart |
News |
PowerRating), mentioned
on Monday, still looks like it has the potential to continue its
rollover out of a First Thrust.
Surviving A Volatile Market
What’s the best way to survive a volatile market? Three
words: money management, money management and money management. On Wednesday,
I’ll review how proper money management could have been applied to stocks
mentioned so far this December.
Best of luck with
your trading on Wednesday!
Dave Landry
P.S. Reminder: Protective stops on
every trade!
“…I really congratulate you on having written one of the clearest, most
concise books on trading that I’ve ever read…….a superb contribution to the trading
literature….”
Charles T.
