Good evening StockBandits!
A morning gap to the upside set the early tone today, and very quickly we saw the DJIA sitting on a triple-digit gain. Additional strength kicked in during the next 15 minutes, taking the market to the same levels where it ultimately finished the day. We did see the morning highs get cleared in the early afternoon, but the indexes backed off slightly into the closing bell after the S&P 500 ran into resistance at 1113 and the DJIA found resistance at the 10,500 area.
While today’s action was undoubtedly positive, we are still in a trading range. The fact that we have seen the buyers step in to produce a multi-day bounce back up to the upper end of the range is a reminder that the bulls are still in charge, but a close in new high territory will be needed to truly put an end to the range. Until then, I’m keeping my timeframes short for new plays.
Please leave your comments and/or questions below if you have any, I always enjoy the interaction.
Here is tonight’s video:
The Bandit Broadcast Video – Click to Watch!
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Video Stocks Discussed: VMC, JEC, MDR, JRCC, ACI, NANO, PCP, WLL, H
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
ACL, PCLN, HEAT, NANO, HNT, LFT, TSTC, NUAN, GSIC, V, CLF, MMM, ADI, LZB, PCP, FDX, DIS, NTAP, WLL, CREE, IPI, H, AIPC, INCY, JDAS
Bearish Watch:
WFMI, VMC, GMCR, FLR, CRZO, ESI, JEC, MDR, JRCC, HAL, ACI
The Hit List will be coming out soon with discussion on open positions and swing trade stops and targets, so be sure to watch for it.
