When In Doubt…
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On Thursday, the Nasdaq opened lower, but
soon began to rally. Then, after a mid-morning pullback, resumed its
rally to close well. Watch
the May 22 high (2328) as a possible resistance/stalling point.
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The S&P also had
a decent day. Watch the recent pivot high (1286) for a
potential head and shoulders top.
The VIX
is once again hovering around major lows.
As is the VXN (Nasdaq
100 VIX).
So what do we do? I’m surprised that the market
went up on Thursday. So, I find myself in the “when in doubt,
stay out” mode. I know that they’ll be plenty of other
opportunities in the future, even if I miss this one. Therefore,
nimble only on the long side, and continue to consider a short or two.
Not much to look at tonight.
Looking to potential setups, Mylan Labs (MYL)
looks like it has the potential to resume its strong uptrend.
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Follow Up On
Feeling Good
“I’m feeling
good,
I’m feeling good,
I’m feeling good for
now,
but I know tomorrow
I’ll probably come around”
(I don’t know the
artist. Free signed book to the first to tell me.)
Dave,Â
Your feel good test post
could not have been more timely … I always read you as you are a
true voice of reason in this casino of ours. I totally agree with what
you posted as well as the “contrary indicator’ness” of the
e-mail. I am a full-time trader (scalper) and until May 24 had a 20
Day winning streak going, once I realized this (comfort level!) it
ended; I have now had an 8 day losing streak (not monumental, but
there) and am taking Thursday off for some “perspective”
until I regroup!Â
Thanks
Email address withheld.
Best of luck with
your trading on Friday!
P.S. Reminder: Protective stops on
every trade!
“…I
think you have put together a terrific resource to help swing traders.
I really appreciated your market analysis process….”
Rick
F.
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30-day, money back guarantee.
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