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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 Friday, the NASDAQ chopped sideways throughout the morning and sold off in the afternoon.
The Ps ended slightly lower. .
So what do we do? The big blue arrows continue to point up. Most sectors remain constructive. And, the ones that are in bona fide downtrend are the ones you want to go down anyway--commodity related stocks. The market is overbought and looks like it might be beginning to pull back though. Therefore, look to short the energies and wait for the market to pull back before looking to get long non-commodity related stocks.
As far as setups, Marathon Oil Group (MRO | Quote | Chart | News | PowerRating) looks poised to resume its downtrend out of a Witch Hat like pattern (email me if you need the rules). However, wait for an entry since it has been strong as of late.
Best of luck with your trading on Monday!
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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