When, What, And How

On Monday, the Nasdaq lapped higher but sold off.
Then, late in the day, it rallied to close fairly well. It wasn’t very
exciting though–pretty much a narrow range, summer, ahead-of-the-Fed,
light volume kind of day. About the most exciting thing I saw were the
people dressed like vegetables outside of the biotech conference.

The recent lows, around 1973, still look like a
possibility. And, the recent highs, circa 2100, still look like minor
resistance to the upside.

 

Other than the fact
that it chopped lower, there isn’t much to say about the S&P
either. The recent lows, around 1200, look like the first target to
the downside out of an inverted cup and handle. 1240 remains minor
resistance to the upside.

 

So what do we do? Based on Monday’s emails and
telephone conversations, it seems that everyone is complaining about
the the nature of the markets. It’s choppy, there’s no range and
there’s certainly no follow through. I guess my question becomes: so
why fight it? Everyone agrees that things are horrible but no one
wants to stop trading. At the risk of preaching, the main advantage of
being a private trader is you choose when, what and how you trade. If
conditions are poor, you can sit back and relax until they improve.
One last point, don’t be hero in front of the Fed. Even if you are on
the right side of the market, it’ll jerk around just enough to take
out your stops before proving you right. And, if you pull those stops,
it’ll prove you wrong.

Looking to potential setups, Elan Corp. (ELN),
on the  Pullbacks
Off Highs List
, looks like it may be sold out in its correction.
Just make sure you wait for follow though to the upside (no tickie, no
tradee) in case I’m wrong.

Advanced Micro Device
(AMD)
looks poised to resume its downtrend out of an inverted cup and handle
formation.

Echostar
Communications (DISH),
mentioned
recently, still looks vulnerable.

Other

We’re taking donations so that Greg Che can have
surgery to remove that grin from his face.

Don’t worry Greg, they used to rib me on my old
picture (which they still use on my trading lessons)–something about
having a stick removed.

Best of luck with
your trading on Tuesday!

Dave Landry

sentivetradingco@prodigy.net

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

“Mr.
Landry,

This may sound a little corny, but here goes anyway. I have been
married for 33 years and up until 4 years ago, I couldn’t dance. Just
didn’t get it! My wife loves to dance so I kept trying to learn. I
went to several dance instructors and got very little help. Finally I
went to a guy who spent several hours teaching my how to understand
the beat of the music. Once I understood that, the rest was just a
matter of practice.

I’m telling you all this because your book is so clear and
understandable, that I think I am starting to understand the beat. I
think your book is the without a doubt the best thing I have read on
trading stocks. I would highly recommend it to anyone trying to get a
handle on stock trading.”

Thank You,

Ed K.

Austin, Texas

No risk,
30-day, money back guarantee.

 

On Monday, the Nasdaq lapped higher but sold off.
Then, late in the day, it rallied to close fairly well. It wasn’t very
exciting though–pretty much a narrow range, summer, ahead-of-the-fed,
light volume, kind of day. About the most exciting thing I saw were
the people dressed like vegetables outside of the biotech conference.

The recent lows, around 1973, still look like a
possibility. And, the recent highs, circa 2100, still look like minor
resistance to the upside.

 

Other than the fact
that it chopped lower, there isn’t much to say about the S&P
either. The recent lows, around, 1200, look like the first target to
the downside out of an inverted cup and handle. 1240 remains minor
resistance to the upside.

 

So what do we do? Based on Monday’s emails and
telephone conversations, it seems that everyone is complaining about
the the nature of the markets. It’s choppy, there’s no range and
there’s certainly no follow through. I guess my question becomes: so
why fight it? Everyone agrees that things are horrible but no one
wants to stop trading. At the risk of preaching, the main advantage of
being a private trader is you choose when, what and how you trade. If
conditions are poor, you can sit back and relax until they improve.
One last point, don’t be hero in front of the Fed. Even if you are on
the right side of the market, it’ll jerk around just enough to take
out your stops before proving you right. And, if you pull those stops,
it’ll prove you wrong.

Looking to potential setups, Elan Corp. (ELN),
on the  Pullbacks
Off Highs List
, looks like it may be sold out in its correction.
Just make sure you wait for follow though to the upside (no tickie, no
tradee) in case I’m wrong.

Advanced Micro Device
(AMD)
looks poised to resume its downtrend out of an inverted cup and handle
formation.

Echostar
Communications (DISH),
mentioned
recently, still looks vulnerable.

Other

We’re taking donations so that Greg Che can have
surgery to remove that grin from his face.

Don’t worry Greg, they used to rib me on my old
picture (which they still use on my trading lessons)–something about
having a stick removed.

Best of luck with
your trading on Tuesday!

Dave Landry

sentivetradingco@prodigy.net

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

“Mr.
Landry,

This may sound a little corny, but here goes anyway. I have been
married for 33 years and up until 4 years ago, I couldn’t dance. Just
didn’t get it! My wife loves to dance so I kept trying to learn. I
went to several dance instructors and got very little help. Finally I
went to a guy who spent several hours teaching my how to understand
the beat of the music. Once I understood that, the rest was just a
matter of practice.

I’m telling you all this because your book is so clear and
understandable, that I think I am starting to understand the beat. I
think your book is the without a doubt the best thing I have read on
trading stocks. I would highly recommend it to anyone trying to get a
handle on stock trading.”

Thank You,

Ed K.

Austin, Texas

No risk,
30-day, money back guarantee.

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