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On Friday, the Nasdaq closed well after a nice trend day higher.
The S&P also had a nice trend day.
So what do we do? The market still remains overbought; the corrections lately haven't been deep enough to work off the overbought conditions. This suggests that there are a lot of buyers out there that aren't willing to wait. Therefore, I think we can focus mostly on the long side. However, don't completely forget about the short side as we could set up for another correction soon.
Looking to potential setups, Silicon Labs (SLAB), mentioned recently, still looks poised to rally out of a pullback.
Cree (CREE), another strong semi, looks like it has the potential to rally out of a big-picture cup an handle.
Trail 'Em If You Got 'Em
Lately, I have been showing where a two-bar low trailing stop would be placed on Boston Scientific (BSX), a stock mentioned recently (see archives for more details). Below I have updated the chart.
Best of luck with your trading on Monday!
Dave Landry
P.S. Reminder: Protective stops on every trade!
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think it is certainly a "must have" for anyone interested in
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John D.
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