Look For Opportunities In These Areas Until The Market Corrects
Looking to the indices, on Wednesday, the Nasdaq opened
firmer but quickly found its high and began to sell off. It found its low by
mid-day and then chopped around for much of the rest of the day.
The S&P managed to close in the plus column. This
action has it closing at new highs for the year.
So what do we do? Nothing has really
changed. I really hate to read too
much into pre-holiday trading.
Since the market remains overbought, on the long
side, you probably want to stick with issues that can trade contra to the
indices. Based on my scans (tonight), Metals & mining and energy
stocks may be a good place to look for opportunities here.
Looking to potential setups, Phelps Dodge
(
PD |
Quote |
Chart |
News |
PowerRating), in
aforementioned strong M&M sector (copper), looks poised to resume its uptrend
out of a TKO.
I like to give special thanks to all of my readers over the
past year. HAPPY (and PROSPEROUS!) NEW YEAR!
Best of luck with your trading on Friday!
Dave Landry
P.S. Reminder: Protective stops on
every trade!
P.P.S. Learn my 10 best swing trading patterns and strategies in my new book.
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Here.