Willie Market
Each evening we focus
on the most interesting aspects for the upcoming trading
day. The comments are based on observations of the nightly
updates of the Stocks/Sectors and Market Bias pages. They
are provided for educational purposes only and are not
intended to be direct trading advice. Also, keep in mind
that these remarks are made up to 12 hours in advance of the
markets opening. Therefore, overnight events may alter the
outcome of these observations.
face=”Arial, Helvetica”>Every time I talk with Kevin
Haggerty, I get some very useful information regarding
trading. The depth of his knowledge and experience is truly
amazing. In my opinion, he is one of the best traders in the
world. Therefore, I was honored when he asked me to assist
him with his upcoming seminar in New York. If you would like
to spend two intense days learning from Kevin (and meet me,
of course!), be sure to sign up for the seminar. Call
1-888-543-8003 to register, or
here for more information. I hope to see you there!
face=”Arial, Helvetica”>UPDATE: Only a few spots left. Be
sure to sign up soon!
On
Friday, the Nasdaq gapped higher on a benign PPI report (a).
It found its high within the first 10 minutes and then sold
off. For the rest of the day, it remained very choppy. The
good news is that it managed to close fairly well (b) going
into the weekend and near the top of its recent trading
range.
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Although
technology continues to shape up, there’s a lot of backing
and filling going on. This suggests that many are still
fickle and aren’t willing to hold too long. Therefore, at
the risk of being redundant, make sure you honor and trail
your stops, in addition to taking profits along the way.
Speaking
of money-management techniques, on Friday I received a call
from “What To Do Willie.” Willie seems to call me
every time he’s sitting on a quick profit. When he asks what
to do, I always reply, “Sell half and move your
stop to breakeven.” He thinks I’m a genius when I tell
him this. What he fails to realize is that I’ve been giving
him this same exact advice for as long as I’ve known him.
And
now for something completely different. Looking to potential
setups, MMC Networks
(
MMCN |
Quote |
Chart |
News |
PowerRating), mentioned Thursday night,
sold off earlier on Friday (a), but reversed to close well
(b). This may have shaken out the weak hands, and it could
clear the way for the stock to resume its uptrend.
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ICN
Pharmaceuticals
(
ICN |
Quote |
Chart |
News |
PowerRating), mentioned recently and on the
From Highs List, still looks like it has the potential
to resume its rally. Just wait for follow-through to the
upside here before attempting an entry.
Synopsys
(
SNPS |
Quote |
Chart |
News |
PowerRating), on the
And Handle Patterns List, rallied on Friday, reversing
Thursday’s sell-off. This suggests it still has the
potential to rally out of its handle.
For
you breakout players, stocks in fast moves often consolidate
for only a few days before heading higher. With that said,
Genome Therapeutics
(
GENE |
Quote |
Chart |
News |
PowerRating) broke out of a low-level
cup-and-two-day-handle on Friday. Cell Genesys
(
CEGE |
Quote |
Chart |
News |
PowerRating),
also on the
And Handle Patterns List, is a similar pattern.
Best of luck with
your trading on Monday!
face=”Arial, Helvetica”>Dave Landry
P.S. Reminder:
Protective stops on every trade!
P.P.S. Feel free
to e-mail me regarding the Haggerty seminar. I’ll be happy
to answer all your questions.