Periodically, I’ll be doing a mid-day update here inside The Bandit Hideout for those of you who are watching the action intraday. I might share charts of interest or comment on the trading conditions, or take a look at the averages and what’s taking place out there.
Today we sure aren’t seeing much. The early positive tone has been maintained as we get into the afternoon, but there really is no momentum to be found in either direction. We’ve seen the market stay positive but range-bound, making for limited opportunities.
The indexes are still mixed when it comes to their key levels, as the NAZ is floating beneath the 2150 level (needs a close above it), while the S&P 500 has pushed through 1074 to get within 1 point of its intraday recovery high set a few weeks ago. And the DJIA has made a new recovery high today. Thus, the V-shaped bounce from the recent pullback continues, but not at a very hot pace today.
With it being a holiday, the volume certainly feels lighter, and that’s being reinforced by the lack of movement out there. I’ve taken only a couple of daytrades, booked 1/2 profits on my AIV swing trade at the 1st Target (6.8% profit), and initiated a short sale in SNDK for a swing trade as per last night’s Broadcast, which is still hanging around the $21 area as I type. I’m laying low for now though, as this is the kind of environment it’s easy to get chopped up in.
All in all, it’s definitely a day to be selective. Doesn’t appear that either side is interested in making much headway today, at least not yet, so I’m taking it easy with new trades unless and until some afternoon momentum arrives.
See you tonight with the Bandit Broadcast!
Jeff
