Good evening StockBandits!
Heading into last week, the bounce from the February low was starting to get somewhat stretched. A streak of gains left stocks short-term overbought, and the door was open for another round of selling to kick in. However, both the NAZ and S&P 500 gave up only 5 points on the week, while the DJIA shed only 77. That’s sure not much of a pullback, and essentially we saw last week prove to be a consolidation phase with a lot of churning action and very little progress in either direction.
Whether that implies the bulls are eager to build on the bounce from the lows, or simply short-term indecision in the market remains to be seen. The lack of a significant pullback does afford the bulls another opportunity to assert themselves in the week ahead, so the biggest question will be if they are up to the challenge. Volume has been light for the most part, and at this point, it’s anybody’s ball game. A rollover from here would likely gather some speed as it progresses, implying that a lower high has been put in. On the flip side, a turn higher could also find renewed enthusiasm as more traders would wonder if that was the extent of the correction. Either way, it’s going to be an interesting week ahead of us.
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: MED, APH, PLL, NTRI, BBBB
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
FOSL, MED, JDAS, IT, SMCI, APH, APC, GD, AEZ, LFL, SY, NIHD, PLL, RIMM, JOYG, AMR, ALK, CREE
Bearish Watch:
NTRI, MLM, BBBB, WCG, FE
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.
