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 opened stronger but soon found its high and it began
to sell off. It found its low in early trading, rallied back up to near new
highs for the day, but then weakened late in the day.
The Ps were a little more impressive. They were able to hold on to their
early morning gains--and then some. This action breaks them out of their
short-term trading range--not bad for pre-holiday trading.
So what do we do?
I'm a little disappointed in Friday's
action in the Nasdaq but I guess it's the S&P's turn to shine. It's now just
a stone through away from new highs for the year. And if you're running
equities, you might just have to get off your buttocks and buy some--or be left
behind. This could cause momentum to beget momentum (as they "chase"
the benchmark index). In the sectors, some tech areas such as software and the
semis are bumping up against minor resistance. I guess there's always something
to worry about. On the bright side (I was going to be a pessimist but I figured
it wouldn't work out), the energies still appear to be rolling over. Overall,
things remain constructive.
I'm not seeing many meaningful setups. I would imagine that this could change
early next week as traders return from vacation.
FYI
If your looking for some learning examples, check out last Wednesday's
interactive session. In it, I gave yet another speech on NOT micromanaging.
Notice that some of those stocks show have since taken off. Email me if you need
a link.
Have a save and happy Labor Day!
Best of luck with your trading on Tuesday!
Dave Landry
dave@davelandry.com
P.S. Reminder: Protective stops on every trade!
P.P.S. If you would like a free
trial to my trading service, click
here.
