The Markets Will Always Be There
On Thursday, the Nasdaq opened stronger and after a brief blip
higher, began to sell off. It found its low above Wednesday’s low and began to
chop higher. Then late it the day, it mounted a decent rally. This action has it
closing well.
The S&P also put in a decent rally late in the day.
So what do we do? The action in the indices suggests we are
bouncing from an oversold condition. However, this, in and of itself, is not
reason enough for me to run out and buy this market. Trading on Friday will
likely be thin and choppy since many players will be looking to get a head start
on their holiday weekend. Also, tonight (Thursday) I found myself flipping
through charts over and over again trying to find something worthwhile. When
this starts to become an exercise in futility, it’s usually a sign that I
shouldn’t initiate any new positions. The markets will always be there. Let them
come to you.
Best of luck with
your trading on Friday!
Dave Landry
P.S. Reminder: Protective stops on
every trade!
“….I would like to thank you for your excellent book. After reading it, I said wow.. Finally, there is light in the
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Dan S.
Switzerland
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