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On Tuesday, the Nasdaq opened firmer and initially rallied but soon began to drift sideways. Then, just when it looked like another dull day at resistance, it begin to climb higher. This action has it attempting to break out of its short-term trading range.
The S&P put in a similar performance. This action puts it above the well watched 1280 resistance level.
For the first time in a long time, I'm impressed with the sector action.
Software broke out.
Internet broke out of its short-term sideways range.
The semis are attempting to break out of their short-term sideways range.
Many other areas either found support or are closing in on the top of their ranges.
So what do we do? Judging from the above comments and charts, one would think that this is the "all clear." Well, I don't know about that, but it sure looks like a good start. As usual, follow through will be key. Don't be a hero just yet. Let the market prove itself further.
No setups tonight, on follow through, we should see a plethora of setups.
Wednesdays With Dave
It's that time again. On Wednesday 08/16/06 at 11:00 AM EST, I will be hosting my weekly interactive lesson. We'll take an in depth look at market and sector conditions. And hopefully, I'll give my choppy market speech---waiting for entries, waiting for follow through, and often doing nothing--for the last time. The schedule is fairly light again this week so I should have plenty time to take your questions on individual issues or trading in general. As usual, admission is free (and I give money back guarantees if not completely satisfied!). However, the space is limited by the software. Email me if you need instructions on how to join (the same each week) or if you would like the archives for the prior year (covering topics such as money & position management, scanning, picking the best setups, sectors, longer-term trend following and a bunch of other stuff).
Best of luck with your trading on Wednesday!
Dave Landry
P.S. Reminder: Protective stops on every trade!
P.P.S. If you would like a free
trial to my trading service, click
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The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
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