The Blue Arrow

  • October 1, 2001
  • Dave Landry

 

On Monday, the Nasdaq sold off early in the day
but was able to recover over half of its losses.  The recent
highs will likely provide resistance to the upside with the recent
lows being a likely target to the downside.

 

The S&P also
rallied after being off earlier in the day. However, it failed to take
Friday’s high. 

 

So what do we do? 
Being a trend following moron, I’m forced to look at which direction
the big blue arrow is pointing. So far, it still appears to be
pointing down. In all seriousness, it does look like this rally from
lows is a little tired, especially when you consider the average
advance/decline readings of the NYSE. Therefore, continue to look to
play the short side.

Looking to potential setups, the banks still look
poised to sell off out of pullbacks from lows. With that said,
Comerica (CMA)
and Northern Trust (NTRS),
both  mentioned recently, still look vulnerable.

 

Enzon (ENZN),
mentioned Friday, still looks vulnerable.

Best of luck with
your trading on Tuesday!

Dave Landry

sentivetradingco@prodigy.net

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

P.P.S.
I look forward
to meeting you this
Friday at
TM2001.
Don’t hesitate to register, because in addition to showing you
every important variation on pullback setups, I’ll also be teaching
you my favorite new techniques
including: how to capture trends before the crowd using
“transition in trend” patterns
and how to ride huge momentum off false moves…both
to the long and short side.

“…Your
book was the best. I’ve read dozens of stock market books but when I
finished yours, something clicked. Thanks for writing it and your
column and I’ll see you in Vegas….”

Regards,

Dave (aspiring trend following moron) 

 

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