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Dave Landry is principal of Sentive Trading, a money management firm, and a principal of Harvest Capital Management. Mr. Landry is the author of two top selling books, Dave Landry's 10 Best Swing Trader Patterns And Strategies and Dave Landry On Swing Trading. If you would like a free trial to Dave's Nightly Swing Trading Alerts Report click here or call 888-484-8220 ext. 1.
On Tuesday, the Nasdaq rallied in the morning, sold off in the afternoon, but then recovered end the plus column going into the close.
Ditto for the Ps.
So what do we do? So far, the market is holding on to its thrust/breakout and is only taking a breather--a pause that refreshes. I'm impressed by the fact that its beginning to shrug off bad news. Most sectors remain constructive. Energy remains sideways at best and could be in the early phases of putting in a top. I've been drawing more and more up blue arrows lately. Considering the above, continue looking to get long but wait for entries and, as always, honor your stops. Aggressive traders might want to begin looking for shorting opportunities in the energies.
As far as setups, Redback Networks (RBAK | Quote | Chart | News | PowerRating), mentioned recently, still looks poised to resume its recent rally out of a pattern I call a First Thrust (email me if you need the pattern rules).
Wednesday's With Dave
It's that time again. On Wednesday 08/23/06 at 11:00 AM EST, I will be hosting my weekly interactive lesson. In addition to an in-depth look at market and sector conditions, I plan on revisiting some of the basics such a not micro managing trades, position sizing, drawing blue arrows, and some other stuff. After that, 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 here.
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