There’s only 2 things you need to know about this market
Dave Landry is principal of Sentive Trading, a money management firm, and a
principal of Harvest Capital Management. Mr. Landry is the author of two top
selling books,
>Dave Landry’s 10 Best Swing Trader Patterns And Strategies and
>Dave Landry On Swing Trading.
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On Friday, the Nasdaq rallied in the morning and sold off in the
afternoon. .
The S&P put in a somewhat similar performance.
So what do we do?
At this juncture, there’s only two
things you need to know: 1) We remain in a downtrend as long as the market
remains below the 1250-60 resistance level. If it got above that level, I’m not
sure I’d be bullish but I’d certainly be less bearish. 2) The market is becoming
choppy. And, choppy markets aren’t good for momentum traders. Therefore,
you might want to sit back and relax for a while, until it all shakes out.
No setups tonight. If the market heads lower, we’ll likely start seeing new
shorts. If it bust through resistance, we’ll start seeing transitional patterns
(early trend).
Best of luck with your trading on Monday!
Dave Landry
P.S. Reminder: Protective stops on every trade!
P.P.S. If you would like a free
trial to my trading service, click
here.