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On Thursday, the Nasdaq opened higher and took
off. Then, after some mid-day drifting and chopping, resumed its
rally. This action has it closing well and within striking range of
multi-month highs.
The S&P was also up but under performed
relative to the Nasdaq.
It is now bumping up against its 200-day moving average.
So what do we do? Thursday's follow through from Wednesday's rally is, to quote Martha, "a good thing." Even more impressive is the massive continuation from the turnaround in tech, specifically the semis. In fact, the only tech sector that appears to be lagging is the biotechs. Therefore, I see no reason to fight the tape in here. Focus on the long side but wait for entries. One last point -- after a big up day like Thursday, there is often a "pop up" opening followed by a pullback. So, you might want to wait a few minutes after the opening (should it pop up) to see if it sticks.
Looking to potential setups, Mentor Graphs (MENT), mentioned forever (no, I am not long!), appears to be resuming its uptrend out of a pullback.
Mcafee.com (MCAF) looks poised to rally out of a high-level micro double bottom.
Other
I noticed quite a few decent smaller cap issues (with volume too low for me to mention in this column) set up on tonight's Pullbacks From Highs List. See for yourself.
Best of luck with your trading on Friday!
Dave Landry
P.S. Reminder: Protective stops on every trade!
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