The market failed to follow through. This is a bummer because it keeps the indices relatively unchanged for the last 2 weeks.
Most sectors were soft.
We can’t completely forget that we are in the middle of summer. And, although the market can trend in any month, the doldrums often occur during summer.
As usual, follow through would be key. Ideally, I’d like to see this market break out to new highs, not look back for a while, and then have an orderly pullback. Rinse and repeat would be just fine with me. That’s my wish.
So what do we do while waiting for our trend ship to come in? Although it’s cliché, I think we’re in a stock pickers market. As you know, I’ve been bullish on the metals, especially Uranium and the Rare Earths. With that said, Uranium blasted higher yesterday. You’re welcome! You didn’t have to wait a whole year to think me on that one! (https://www.davelandry.com/you-will-thank-me-a-year-from-now-write-that-down/) No, I’m not always this right. If I were, you’d never see my fat ass again but I digress. Seriously, if you did miss the move, I still think it is possible that it is just getting started, so look to play pullbacks along the way. Oil the commodity also looks like it has potential. I’m seeing a few good looking setups here. Although they were soft on Monday, I still think Gold & Silver—the stocks—have potential. Again, I think we’ve entered into a stock pickers market. Therefore, again, 1) Pick the best stocks, 2) Wait for entries, 3) Use protective stops just in case your wrong and trail/scale if you are right.
Futures are firm pre-market.
Best of luck with your trading today!
Free Articles, Videos, Webinars, and more....