Where I’m Finding Opportunities In Spite Of The Market
Looking to the indices, on Friday, the Nasdaq opened
firmer and worked its way higher but found its high by mid-day and began to sell
off. Finally, it bounced going into the close to finish in the plus column.
The S&P put in a similar performance but wasn’t
able to close in the plus column.
So what do we do? The best looking setups
generated by my database continue to be areas such as energy and metals &
mining. This isn’t all bad though. Since the market remains overbought (and due
for a correction), it’s probably a good idea to stick with commodity related
areas such as these that can trade contra to the indices.
Looking to potential setups, Occidental Petroleum
(
OXY |
Quote |
Chart |
News |
PowerRating),
in the aforementioned strong energy sector, looks like it has the potential to
resume is persistent uptrend out of a pullback.
Phelps Dodge
(
PD |
Quote |
Chart |
News |
PowerRating), mentioned Wednesday night and in strong M&M sector (copper),
still looks like it has the potential to resume is uptrend
out of a TKO/pullback.
Best of luck with your trading on Monday!
Dave Landry
P.S. Reminder: Protective stops on
every trade!
P.P.S. Learn my 10 best swing trading patterns and strategies in my new book.
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Here.