Dave Landry

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Random Thoughts:

Well, I was hoping for a nice opening gap reversal (OGRe) on
Tuesday. Well, hope in one hand and...
Anyway,I digress. The market did initially reverse in a bit of a
textbook fashion but unfortunately, found it's high and then
resumed its slide.

So what do we do? Well, although it felt like it, it's not the end
of the world. So far, the market has only given up around a week's
worth of gains. And, so far, this is actually healthy for the
market. This action shakes out nervous longs and attracts eager
shorts.

Speaking of shorts, I'm amazed at how many came out of the woodwork
yesterday in a "I told you so manner." The market has gone up
nearly 30% since last September and then has one down day and all
of sudden they are vindicated? Predict early and often I suppose! 

The shakeout/fakeout nature of the Trend Knockout Pattern (TKO)
could help to propel this market higher. There is one caveat
though. You have to wait for an entry. This means that for the
pattern to trigger, the market will have to take out (i.e. trade
above) Tuesday's high. I should write a book explaining all this.
Wait, I did!  

Honor your stops on existing longs and begin looking for new ones.
Obviously, in light of Tuesday's weakness, make sure you wait for
entries.

Best of luck with your trading today! 

Dave

Questions? Comments?  Buy my new book, read it, then shoot me an
email at dave@davelandry.com or call me at(1) 985-898-4993. 

Disclaimer:

All predictions are about the future. A lot of $#*!  can happen
between now and then. Just ask the Lybians.

Information is provided for educational purposes only. 
See more disclaimers at www.davelandry.com