07/29/16 Random Thoughts-Market Update – Dave Landry on Trading

07/29/16 Random Thoughts-Market Update

By Dave Landry | Random Thoughts

My big concern has been that the Ps (S&P 500) are overbought and due to correct. And, since they aren’t that far away from their recent breakout levels, a correction could put them right back in the sideways soup. The good news is that they have held higher levels by trading sideways shorter-term. This helps a market to adjust to the new “normal.” The market “walks off” the overbought condition. It’s certainly not the “all clear”—and seriously, in markets, is it ever?-but it is certainly continued improvements. As I’m busy correcting my poor Cajun grammar Friday afternoon (07/29/16), the Ps closed at highs for the week, just off of all-time highs-so far, so good!

The Quack (Nasdaq) continues to plow through overhead supply like butter. It’s now only a gnat’s eyelash away from all-time highs.

The Rusty (IWM) still has its work cut out for it but so far, it’s clawing its way back.

Most sectors continue to improve. I especially like the fact that tech appears to be signing up for the ride. The Semis have recently shot higher and as one of you guys pointed out in the chart show, Biotech (IBB) is now back above its 200-day moving average for the first time since 2015.

So What Do We Do?

Since the methodology requires a pullback and the market hasn’t pulled back lately, I’m not seeing a lot of setups in general. Gold still looks promising so continue to look for setups here in the meantime. Also, to my surprise, the Energizer (no relations to Bubba’s friend code name "Energizer") Bunny IPOs keep going and going. We have some on the radar that are ripe for the picking now. Every time I think the bull market here might be coming to an end, new ones emerge and fly. I’ve put the course on sale for the next week. Save $300. No promo code needed. It’s really been a big hit (see testimonials and ask me if you want to see the latest). So, stick with the IPOs and Golds for now. Get ready to get ready on everything else.


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