No Bones
On Thursday, the Nasdaq lapped lower and after a brief
early morning rally, continued lower throughout the morning. Then after
drifting higher mid-day, it resumed its sell off late in the day. This action
has it closing poorly.
The S&P put in a similar performance.
So what do we do? Make no bones about it, Thursday was
ugly. However, the good news is that the Nasdaq continued to hold its gap and
the S&P still remains (just) above its recent trading range. Further,
looking to the
sectors, those in sharp uptrends were (e.g., telecom, Internet, semis etc…)
were hit fairly hard but so far, just appear to be correcting. Therefore, even
with Thursday’s action, I remain cautiously optimistic. There’s no need to bet
the farm though, at least not until this market can prove that it can mount
another leg higher.
 Looking to potential setups, Lexmark
(
LXK |
Quote |
Chart |
News |
PowerRating), in
the strong computer hardware-peripherals (a) sector, looks like it has the
potential to resume its strong uptrend out of a pullback.
Other
On Saturday November 9th, I will be speaking at the Cornerstone Investors & Traders Conference
in Tampa Florida. There is a $25 per person fee (donation ) that will go
to charity. Email me for more information or register by calling Cornerstone
directly at 1-877-536-2422. Hope to see you there!
Based on the above, I will not be writing a column on
Friday night.
Best of luck with
your trading on Friday!
Dave Landry
P.S. Reminder: Protective stops on
every trade!
“…your book is like an investing bible to
me….thank you very much for writing in a simple straight forward style that even a novice like me can
use….”
Thanks Much,
Cliff A.
No risk,
30-day, money-back guarantee.