Random Thoughts
Not too much has changed. The Ps and the Quack continued to drift higher. So far, the excitement about all that cash being thrown at mortgage backed securities has waned. This action keeps them set up as a Pioneer or “micro” First Thrust. Again, this isn’t the end of the world but it is important for the market to rally soon to negate this pattern.
As I’ve been saying, leadership is hard to find. I think the Rusty tells he true story. It actually ended down yesterday. So, internally, the market remains weak. It seems that as soon as a sector gets going, it then comes right back in.
Oil got whacked yesterday.
So what do we do? I think the song remains the same: Continue to be super selective on longs and use liberal entries on those. If the market decides to put in a serious rally, then you’ll get triggered in and can enjoy the ride. And, if it doesn’t, it’s possible that you’ll avoid some losing trades. On the short side, take a look at some of the recent high flyers who have sold off and have just begun to pullback-said alternatively, look for First Thrust patterns in stocks coming off of multi-year or ideally, all-time highs.
As promised, I’m going to show you the shorts setting up from Tuesday’s Landry List in the chart show later today. One of my favorite things to do is to show charts, make predictions, then show what happens next. It doesn’t always work (if it always did, you wouldn’t see my fat ass anymore-I’m half kidding), but it’s pretty cool when it does! So, unless you are saving lives, building buildings, repairing automatic transmissions, or doing other great things, come to the show!
Futures are firm pre-market.
Click here to watch today’s Market in a Minute.
Best of luck with your trading today!
Dave
Dave Landry’s Market in a Minute
Random Thoughts
Not too much has changed. The Ps and the Quack continued to drift higher. So far, the excitement about all that cash being thrown at mortgage backed securities has waned. This action keeps them set up as a Pioneer or “micro” First Thrust. Again, this isn’t the end of the world but it is important for the market to rally soon to negate this pattern.
As I’ve been saying, leadership is hard to find. I think the Rusty tells he true story. It actually ended down yesterday. So, internally, the market remains weak. It seems that as soon as a sector gets going, it then comes right back in.
Oil got whacked yesterday.
So what do we do? I think the song remains the same: Continue to be super selective on longs and use liberal entries on those. If the market decides to put in a serious rally, then you’ll get triggered in and can enjoy the ride. And, if it doesn’t, it’s possible that you’ll avoid some losing trades. On the short side, take a look at some of the recent high flyers who have sold off and have just begun to pullback-said alternatively, look for First Thrust patterns in stocks coming off of multi-year or ideally, all-time highs.
As promised, I’m going to show you the shorts setting up from Tuesday’s Landry List in the chart show later today. One of my favorite things to do is to show charts, make predictions, then show what happens next. It doesn’t always work (if it always did, you wouldn’t see my fat ass anymore-I’m half kidding), but it’s pretty cool when it does! So, unless you are saving lives, building buildings, repairing automatic transmissions, or doing other great things, come to the show!
Futures are firm pre-market.
Click here to watch today’s Market in a Minute.
Best of luck with your trading today!
Dave