Why I Remain Bullish
Hey Dave, You O.K.?
Yep! Thanks for asking. My thoughts and prayers go out to
those in Alabama and Florida. Good luck guys!
On Thursday, the Nasdaq rallied in early trading but soon
found its high. It then worked its way lower to sideways for the remainder of
the day.
The S&P rallied early but also found its high fairly
quickly. It then traded back-and-forth for the remainder of the day.
It remains above its 50 and 200-day moving averages.
So what do we do? In general, the
underlying sector action remains more impressive than the overall market. Most
remain in uptrends and look poised to continue higher. Even those areas in
longer-term downtrends such as the semis sure look like they are trying to turn
the corner. Therefore, continue to focus on the long side.
As far as setups, the Semiconductor HOLDRs
(
SMH |
Quote |
Chart |
News |
PowerRating) look
like they have the potential to continue higher out of a First Thrust (email me
if you need the rules).
Best of luck with your trading on Friday!
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.