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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 sold off in the morning, traded sideways throughout mid-day, and then rallied late in the day. This action has it closing at multi-month highs.
Ditto for the Ps.
So what do we do? The S&P closed at multi-month highs. Most sectors, especially technology, have been performing very well. And, the energies still appear to be putting in a top. Further, I think that as the S&P approaches new highs for the year, those that have been sitting on their hands may be forced in. So far, so good! Or, as Jennifer Trynin says: "I'm feeling good for now but I know by tomorrow I'll probably come around." Anyway, if you have gotten long recently, look to trial your stops higher. Aggressive traders might want to continue looking for shorting opportunities in the energies.
I didn't seen many meaningful setups tonight. This will likely change with follow through and a subsequent pullback.
Wednesday's With Dave
It's that time again. On Wednesday 08/29/06 at 11:00 AM EST, I will be hosting my weekly interactive lesson. This week's schedule is fairly light so I should have plenty enough 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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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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