More Blue Arrow Action
On Tuesday, the Nasdaq open weak and began to sell off. Then
after some mid-day chopping, it began to rally. However, as soon as the media
could shout “turnaround,” the selling resumed. This action has it
closing poorly and at its lowest level since May of 1997.
For perspective, here is the Monthly Nasdaq chart.
The S&P also sold off hard. This action puts it at its
lowest level since December of 1997.
This is what the monthly looks like here.
So what do we do? On Tuesday, we had more blue arrow
action. However, it’s probably too late in the current (swing) cycle to
establish new shorts. Also, trading will likely be thin and choppy for the rest
of this holiday week. Therefore, probably the best thing for you to do look to
take profits in existing shorts and tail a stop.
Based on the above, I am not showing any setups tonight
(Tuesday).
Smoke ’em If You Got ’em
Oxford Heath Plans
(
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PowerRating), mentioned recently, was sick
today–it sold off hard before bouncing. Make sure you lock in a piece when
blessed with such a quick profit.
Best of luck with
your trading on Wednesday!
Dave Landry
P.S. Reminder: Protective stops on
every trade!
“……I just finished reading your book on swing trading and must say that it is
one of the best book I have ever read. (That’s saying a lot because I have read many books on trading)….”
Galvin
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