08/26/16 Market Update – Dave Landry on Trading

08/26/16 Market Update

By Dave Landry | Market Updates

Dave Landry

To The Markets

The Ps (S&P 500) continue to tread water by trading sideways. That's okay. Sometimes a market needs time to digest its gains so that it's level can become the new norm. In the aforementioned obvious/un-obvious thing, it wouldn't surprise me if it faked out to the downside before taking off again? Regardless, wait don't anticipate. 

The Quack (Nasdaq) has put in a somewhat similar performance. 

There are a few sectors such as Retail and Drugs that are looking dubious but most are hanging in there like the market itself. 

The Gold & Silver stocks have gotten hit awfully hard as of late but so far, they only appear to be a serious correction. Look for opportunities here but make sure you wait for entries.  If they trigger then it might just be the mother-of-all reversals back into the direction of trend-yippee! And, if they don't then no capital is put into harm's way. Either way, that's a beautiful thing. 

So What Do We Do?

Other than the aforementioned Gold & Silver stocks, I'm not seeing a tremendous amount of new meaningful setups lately. This is normal for a trend following methodology during a sideways consolidation. So, focus on those areas while the market finds its way but again, wait for entries. Regardless of what you do, keep it simple and remember that your mentality is more important than your methodology.

May the trend be with you! 

I'm Dave Landry and I approved this message

Dave Landry


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