Read Larry Connors' blog – Short Term Trading Strategies
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 bounced around in early morning trading, rallied early in the afternoon but then found its high and sold off hard. This action has it stalling just short of multi-year highs and it has it closing poorly.
The S&P put in a somewhat similar performance.
So what do we do? In my last column I wrote: "Notice above that the indices sold off hard after approaching multi-year highs. This action forms a bearish outside day down. This suggests that we could be in for more selling. Longer-term, the big blue arrows continue to point sideways." Looks like its deja vu all over again.
No setups tonight. On a continued slide we could start seeing transitional setups on the short side.
Wednesday's With Dave
It's that time again. On Wednesday 3/29/06 at 11:00 AM EST, I will be hosting my weekly interactive lesson. I plan on covering current conditions, a simple scan to catch hot stocks, setting stops based on the volatility and price of stocks, and I also have some good examples of trend following, applying discretion, and money/position management. Once that's done, I'll will then 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 plethora 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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