No Tech, No Bull?
Each evening we focus
on the most interesting aspects for the upcoming trading
day. The comments are based on observations of the nightly
updates of the Stocks/Sectors and Market Bias pages. They
are provided for educational purposes only and are not
intended to be direct trading advice. Also, keep in mind
that these remarks are made up to 12 hours in advance of the
markets opening. Therefore, overnight events may alter the
outcome of these observations.
face=”Arial, Helvetica”>Join me, fellow TradingMarkets.com
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the Trading Markets 2000 conference at the Venetian Hotel
Resort and Casino in Las Vegas on October 13-15, 2000.
face=”Arial, Helvetica”>Do you swing? Read my latest trading
lesson,Â
Tenets Of Swing Trading.” As usual, your feedback
is welcome.
face=”Arial, Helvetica”>On Friday, the Nasdaq gapped higher
but found its high within the first 15 minutes of trading.
It then had a modest sell-off and drifted sideways for the
remainder of the day.
face=”Arial, Helvetica”>Although the index was positive on
the day, it failed to rally above the open. Also, this
wasn’t a very impressive rally for the day after a major
turnaround. In other words, not too much follow-through.
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face=”Arial, Helvetica”>Those looking for positives are
pointing to the fact that financial
(
$SPF.X |
Quote |
Chart |
News |
PowerRating),
insurance
(
$IUX.X |
Quote |
Chart |
News |
PowerRating), and broker/dealer
(
$XBD.X |
Quote |
Chart |
News |
PowerRating)
are at new highs. And I’m sure you’ve noticed that I’ve been
focusing lately on stocks in these areas. However,
longer-term, the bull has been, and will likely continue to
be, led by tech. Therefore, “nibble” in these
sectors, but be ready to bail when the music stops.
Alpharma
(
ALO |
Quote |
Chart |
News |
PowerRating), on the
From High List, is in its first pullback after breaking
out of a high-level cup formation. Triton Energy
(
OIL |
Quote |
Chart |
News |
PowerRating),
on the same list, looks poised to rally out of its first
pullback since breaking out of a high-level base.
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For
you breakout players, Noven Pharmaceuticals
(
NOVN |
Quote |
Chart |
News |
PowerRating), on
the
Momentum List, broke to new highs on an expansion of
range and volume. Capital One Financial
(
COF |
Quote |
Chart |
News |
PowerRating), mentioned
Thursday night, rallied to a new closing high and
looks like it has the potential to take out its all-time
highs
On
the short side, M-Systems
(
FLSH |
Quote |
Chart |
News |
PowerRating), on the
Implosion List, looks poised to resume its meltdown.
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Best
of luck with your trading on Monday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!