Is This The Low? My Answer May Surprise You
On Monday, the Nasdaq rallied early, traded sideways
throughout mid-day and then resumed its rally in afternoon trading. Although it
gave back some of its gains going into the close, it still managed to hold onto
the lion’s share.Â
The S&P put in a somewhat similar performance but held
up better in late-day trading.Â
So far, it continues to hold above minor support.
So what do we do?  Everyone seems
obsessed with catching “the” low. So, is this “the” low? I
don’t know and I don’t care. If it is, I’ll be stopped on shorts and will start
thinking about getting long. If it isn’t, then I will (continue to) trail stops
lower and take partial profits.
No setups tonight. We should see plenty soon as the market
pulls back.
Best of luck with your trading on Tuesday!
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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