Same As It Ever Was

• May 7, 2002
• Dave Landry

On Tuesday, the Nasdaq lapped higher but began to sell off.
After testing multi-month lows, it began to bounce. However, it stalled out
early in the afternoon and then chopped and drifted lower for the rest of the
day.

The S&P also sold off to close at multi-month lows.

So what do we do? Well, the song pretty much remains the
same. Therefore, I’m essentially repeating my commentary from Monday:  I think it’s too late in the present
cycle to establish new shorts. You’re probably better off managing the ones
you already have while waiting for the next pullback. Therefore, once again, look to nibble
on the long side. However, (at the risk of preaching) because you are
fighting the big blue arrows, stick with the
strongest issues in the strongest sectors and wait for entries. 

Looking to potential setups, Community Health Systems
(
CYH |
Quote |
Chart |
News |
PowerRating),
in the strong healthcare-hospitals group, looks poised to resume its uptrend out
of a pullback. Province Healthcare
(
PRHC |
Quote |
Chart |
News |
PowerRating), in the same group and mentioned
last night, “faked out” on Tuesday but still looks like it has
potential. 

Best of luck with
your trading on Wednesday!

Dave Landry

sentivetradingco@prodigy.net

P.S. Reminder: Protective stops on
every trade!

“….I want to personally thank you for writing such a detailed and informative
book. It has opened my eyes to a new world of trading….”

Thanks MD

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