Random Thoughts
It was a mixed day in the market. On an individual equity basis, the charts are all over the place. So, there's not a whole lot of stocks to get excited about at this juncture. With the market chopping around and trading mostly sideways, this is probably a good thing.
With a mixed day, recent sell signals in the indices remain intact. Again, a few big up days would make all the difference in the world. Unfortunately, a few big down days would confirm these signals.
Nothing has changed. It's still a one day at a time environment. This will keep you from making any big picture predictions should this only be a correction. And, (again) so far, the selloff has been somewhat orderly.
So, what do we do? Since we remain in one-day-at-a-time mode, the plan remains the same:
1) Honor your stops on existing positions just in case this turns into something bigger. 2) Be selective on new positions. Trade the best and leave the rest. 3) Wait for entries on new positions. Again, as I preach, this can often keep you out of new trouble. 4) Start thinking about firing off a short or two but keep #2 and #3 in mind.
Futures are strong pre-market.
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Best of luck with your trading today!
Dave
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Expert swing trader Dave Landry comments on the charts for the major markets, indexes and sectors for the upcoming trading day in his daily one-minute video.
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Click here to watch today's Market in a Minute.
You can contact Dave Landry by email at dave@davelandry.com or visit his website DaveLandry.com.
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