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Posted by Joe Duffy | Oct 27, 2023 | Joe Duffy's Trading Advantage | 0 |

This week has gone pretty much exactly according to plan. To make it short and sweet, if the Dow Jones 30 Industrials ETF symbol DIA trades down to 326.50 I would try a long position. The close was 327.82, so that is a very reasonable target from here. The reason I am going with this ETF as opposed to another stock market ETF is that stocks that make up this average have done better through earnings, with better forward guidance than the technology sector.

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I also like IBM stock (which is a component of the Dow 30), and recently reported better than expected results. This was my plan, so backing off it now, would not be the thing to do. Nothing worse than having the plan and then outsmarting yourself. So further weakness Friday and I will try a long position. Attached chart indicates the buy zone for the DIA that I have been watching for a couple weeks.

Thanks,

Joe

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Joe Duffy

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