Continue To Follow These 3 Steps While The Market Trades Sideways
By Dave Landry | Daily Commentary , Random Thoughts
Random Thoughts
The Quack peeked its head higher before coming back in. Still, it managed to tack on nearly ½%. This is enough to have it closing at multi-year highs.
The Ps ended in flatsville. This action keeps them relatively unchanged for over 2 weeks.
Ditto for the Rusty.
As you would imagine, internally things were mixed. Technology ended mostly higher and most other areas ended flat.
Lately, the overall market has been mostly sideways. So, I’ll say it again: Ideally, I’d like to see this market blast higher, not look back for a while, and then have an orderly pullback.
In the meantime, on an individual basis I still like the Metals & Mining especially Gold, Silver, Uranium, and Rare Earths. The great thing here is that they can trade contra to the overall market should the market decide to continue to sit on its buttocks. There is a caveat—isn’t there always? The M&Ms were soft on Tuesday, so make sure you wait for entries.
I think you have to be very picky in here while the market trades mostly sideways. So, the plan still remains the same. Therefore, again: 1) Pick the best stocks, 2) Wait for entries, 3) Use protective stops just in case you are wrong and trail/scale if you are right.
Futures are flat pre-market.
Best of luck with your trading today!
Dave