Dave Landry's Market in a Minute - Tuesday, 10/2/10
The market tried to rally but came right back in. This action suggests that we could be in for some corrective action.
It's election day though. So, it could be an event driven day.
So far, the uptrend remains intact.
However, once again, like the market, quite a few sectors have lost some momentum as of late.
I'm seeing a few setups on the short side but for now, I'm not going to fight the overall trend.
Gold might be the exception. It's looking a little questionable. Be careful though. These are pioneer type trades and as you know, gold often can have 9 lives.
For the most part, I still the best action for now is mostly no action. If you're a trend follower, you shold already be long. Therefore, use this time to manage your existing positions- --honor/trail your stops and take partial profits as offered.
Futures are strong pre-market.
Best of luck with your trading on Today!
Expert swing trader Dave Landry comments on the charts for the major markets, indexes and sectors for the upcoming trading day in his daily one-minute video.
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