You’ve Waited This Long, A Few More Days Isn’t Going To Kill Ya
On Tuesday, the Nasdaq rallied in early trading, traded
sideways throughout mid-day, and then sold off going into the close.
Ditto for the Ps.
So what do we do? The indices tried to
break out and failed (have I mentioned that when I don’t trade breakouts this often happens?). This, combined with their overbought nature suggests that we could be in for more downside. On any other night, I would be
thinking seriously about shorting the index shares. However, as you know, we had
a little thing called an election today. And, the market will obviously be held
hostage by the outcome (or lack thereof!). Considering the above, if
you’re super aggressive (or just plane bored), look for a shorting opportunity
in the index shares. For everyone else, since you’ve waited this long, a few
more days “ain’t gonna kill ya.”–Continue to wait for the market to
establish a definitive trend.
No setups tonight.
Best of luck with your trading on Wednesday!
Dave Landry
P.S. Reminder: Protective stops on every trade!
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