The Big Blue Arrow Remains Intact

  • July 8, 2002
  • Dave Landry

After a long
flight back from L.A., I’m exhausted — but exhilarated. You’ll
find out why in the next few days. But I’m still here doing my
homework for the next day’s trading. My commentary is brief this
evening, but the following constitutes the core of my thinking for
tomorrow. I figured it would be better to give you a heads-up rather
than none at all. Tomorrow, my routine will be back to normal.

The fact that the market turned down
(the Nasdaq gave back all of Friday’s gains) strongly suggests that
the big blue arrow remains intact.

The Nasdaq is set up as a pullback
from lows (the S&P 500, too). If what we are in is only a
pullback, then technology is going to be headed lower. Check out the
Semis. Same story.

And
take a look at Cymer (CYMI)
here…

This is a market that will reveal its true intentions if you have the
patience to wait for the setups rather than chase after them. Beyond
that…keep using those protective stops!

Join
me in TradersWire Interactive Thursday July 11 at 4:30 PM EDT for
TraderTalk, where I’ll be discussing my strategies.


Dave

P.S. Join me in TradersWire on
Thursday, July 11 at 4:30 PM EDT for a special TraderTalk session. I’ll be going
over some of my strategies and techniques.

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