Missouri Market

I’m a little under the weather again tonight, so I’m going
with an abbreviated commentary.

On Wednesday, the Nasdaq opened slightly higher and then
proceeded to sell off. It then reversed for the mother-of-all turnarounds. 

 

The S&P also mounted an impressive reversal.

 

So what do we do? It seems that everyone is celebrating
this turnaround as a bottom. Me? I don’t know. True, it is impressive, but
lately, these markets have been really tough. I think I’m going to take a
“show me” approach for now. 

No setups tonight. If you are nimble day trader, there
might be a shorting opportunity should the index futures “pop
up” (and reverse) on Thursday’s open. Just be quick to exit, use utmost
caution and honor your stop.

ABGX Follow Up

Abgenix (ABGX)
tailed lower but recovered to close well. This provided a good example of
“smoke ’em if you got ’em.” I’ll discuss in detail on Thursday. For
now, let’s assume that we are still trailing a two-bar high stop.

Best of luck with your trading
on Thursday!

Dave Landry

sentivetradingco@prodigy.net

P.S. Reminder: Protective stops on every trade!

“….Landry
writes clear, lucid prose, and uses lots of examples. I like this book because
of Landry’s simple approach. He shows many useful trading ideas instead of
trading theory….. It’s a good introduction for a novice trader…..”

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