More Positive Action
On Tuesday, the Nasdaq started strong, weakened, but then
firmed going into the close. The good news its that it continued its rally that
started at key support (see Monday’s archive for more details).
The S&P also showed some follow through to the upside.
So what do we do? Although the
market didn’t go to the moon on Tuesday, it didn’t go down either. Therefore, as
long as we hold above the key levels mentioned recently, I think we can continue
to focus on the long side.
Looking to potential setups, although
Serena Software
(
SRNA |
Quote |
Chart |
News |
PowerRating) (mentioned recently) sold off again, it still looks
like it has the potential to resume its longer-term strong uptrend. Aggressive
swing traders and day traders may look to play an opening reversal should it
gap lower (a) and reverse (b).Â
Storage Technology
(
STK |
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Chart |
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PowerRating), mentioned recently, still looks
like it has the potential to rally out of a
high-level micro double bottom.
Smoke ‘Em If You Got ‘Em
Cree Research
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CREE |
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PowerRating),
mentioned Friday, has rallied over 10% (a) since then. When blessed with such a
nice, quick profit, make sure you lock in a piece intra-day.
Best of luck with
your trading on Wednesday!
Dave Landry
P.S. Reminder: Protective stops on
every trade!
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not being aware of the emotional side to investing. Again, thanks for a great book.Â
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