Stick With Tech Until The S&P Catches Up
On Monday, the Nasdaq started off weak but found its low late in the morning
and then generally worked its way higher for the remainder of the day.
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The S&P put in a somewhat similar performance. Â
So what do we do? The Nasdaq still looks
great. It remains in a persistent uptrend and it looks poised to resume
it. My only concern remains the S&P. It’s really lost quite a bit of
its momentum as of late–essentially going nowhere for nearly 2-weeks. However,
I still think action in the Naz trumps this. Therefore, for now, continue
to focus on
technology.
As far as setups, Autodesk
(
ADSK |
Quote |
Chart |
News |
PowerRating), mentioned recently
and in the strong
software sector, still looks poised to resume its persistent uptrend out of a pattern
I call a Trend Knockout (email me if you need the rules to this pattern).Â
HousekeepingÂ
I’m a little backed up on the following (from Friday’s
column) but hope to catch up over the next few days. Thanks for your
patience!Â
I’m getting a lot of basic questions such as how to enter,
where to place stops, etc… The majority of this is covered in the swing
trading primer that I often mention. Email me if you would like a (free) copy.
Also, I have the link to last week’s audio/visual presentation and the links to
those going back 10 months (covering topics such as scanning, sector analysis,
money/position management, psychology etc…).  Â
Best of luck with your trading on Tuesday!
Dave Landry
P.S. Reminder: Protective stops on every trade!
P.P.S. Learn my newest and most advanced version of my Bow
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