This Area Is In A Strong Trend And Could Provide Opportunities Soon
On Tuesday, the Nasdaq bounced around in early trading but then began to sell
of hard. It found its low late in the morning and generally worked its way
higher throughout much of the day. However, it sold off again going into the
close.
The S&P put in somewhat similar performance but was
much weaker.
So what do we do? So far, so good. It appears
that we are finally getting the pullback we have been waiting for. I’m a little
concerned that the S&P is starting to trade sideways. However, technology,
as represented by the Nasdaq, looks great. Continue to put together your watch
list. Stocks in persistent uptrends such as Intel
(
INTC |
Quote |
Chart |
News |
PowerRating) could be
worthwhile on a pullback.
No setups tonight (Tuesday). If we continue to pull back,
we should see stocks setting up soon.
FYI
On Wednesday (06/01/05) at Noon Eastern, I will be doing my
weekly interactive audio/visual presentation. This week, in addition to current
market conditions, I will follow up on last week’s lesson on how to enter stocks
using recent examples. I will also cover why it’s not prudent to buy an
overbought market and how to stick with winners longer-term. Email me if you
need instructions on how to join and/or if you would like the archives for the
past 10 months (covering topics such as scanning, sector analysis,
money/position management, psychology etc…).
Best of luck with your trading on Wednesday!
Dave Landry
P.S. Reminder: Protective stops on every trade!
P.P.S. Learn my newest and most advanced version of my Bow
Ties Strategy. Click
here for details.