Optimistic, but cautious for these reasons
Dave Landry is principal of Sentive
Trading, a money management firm, and a principal of Harvest Capital Management.
Mr. Landry is the author of two top selling books,
Dave Landry’s 10 Best Swing Trader Patterns And Strategies
and
Dave Landry On Swing Trading. If you would
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click here or call 888-484-8220 ext.
1.
Email Of The Day
Tell Dave Landry that Redback networks is not the same as Redneck networks. His commentary today has a chart clearly labeled REDNECK networks. Is that like Blue Collar comedy? Don’t be making fun of my people, buddy–just because most of us think a stock is the wood part of a shotgun, doesn’t mean we aren’t good traders. You should see the action down at the flea market.
On Friday the Nasdaq initially rallied but quickly gave up most of those
gains. It then chopped sideways for the rest of the day but it did manage to
finish in the plus column.
The Ps put in a similar performance but they weren’t able to stay in the plus
column.
So what do we do?
The indices still look pretty good. Most
sectors, especially technology, look pretty good too. I do have a few concerns
though. Retail has now given up all of its recent breakout. The banks appear to
be rolling over. Energies, while sideways, have been pretty resilient. Finally,
my database produced very few meaningful setups tonight. This is unusual for a
market that is pulling back. Considering the above, I’m now cautiously
optimistic. As long as the indices can hold these levels or higher, look to
buy–but wait for entries.
No setups tonight.
Best of luck with your trading on Monday!
Dave Landry
P.S. Reminder: Protective stops on every trade!
P.P.S. If you would like a free
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here.