Good evening StockBandits!
With key levels on the horizon heading into this holiday-shortened trading week, the major indexes were able to push through today with solid gains across the board. The bulls resisted an opportunity to raise cash as former support zones were approached, and instead continued buying stocks as the day progressed. This keeps the recovery bounce going, but it’s important to note that the bears retain an edge with short-term lower highs still in place.
I mentioned last night this is options expiration week, which often times brings with it some volume spikes. Today, despite the widespread strength and intraday uptrends, volume was still lacking. That may be giving the bears some solace tonight as they wait for the bounce to possibly stall out in the coming days before becoming more active. It is notable though, as it indicates rather limited institutional involvement in this bounce, implying that just a little heavy selling could easily undo this progress. As a result, caution is still very much warranted even after a rally like we saw today.
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: MGA, ACXM, AFFX, AMAG, MA, TM
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
MGA, ACXM, PVX, TWC, LXK, TPX, EMR, AFFX
Bearish Watch:
AMSC, MDVN, AMAG, FSYS, MA, TM, CP
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.
