Good evening StockBandits!
Monday morning optimism set the early tone today with a slight upside gap, opening the door for a continued push higher from the February lows. The market held onto it for the remainder of the session, posting a solid advance by the closing bell with the NAZ and S&P 500 each reaching their best levels since January 21st.
Some key levels were reclaimed with today’s action, leaving only the January highs remaining overhead as resistance. Volume sent some mixed signals, however, as it was light once again for the S&P 500 but heavy for the NAZ. The DJIA stayed within the short-term trading range though, with volume apparently too light there to inspire the senior index to rally more on the session. Nonetheless, the short-term consolidation phase has now been cleared for the NAZ and S&P 500, which each moved back into positive ground for 2010.
If the bulls want to build on it, it’ll primarily be up to them to produce the necessary follow through in the days ahead, although they could get a little help from the bears. There are likely quite a few shorts on the wrong side of this move, as there were only a pair of downside moves from the January highs. Since then, no follow through has been seen, which could keep the bears on the defensive. Either way, it’s shaping up to be a more eventful week, so let’s get to the video.
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: FOSL, TXRH, AU, NTRI, ACI
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
FOSL, CAKE, RAX, MED, JDAS, AEZ, TXRH, PSUN, LLL
Bearish Watch:
AU, WCG, NTRI, APOL, AMT, FSLR, ARO, MLM, 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.
Hey Jeff,
NTRI had a negative reaction to an earnings announcement after the close. It looks to be a gap down for the am session as volume in after-hours trading was significant and took the stock much lower.
Good trading tomorrow …
Chris.
Hey Chris!
Thanks for letting us know, I simply had not checked the calendar for this one. Typically I will check the earnings calendar for swing trades, but usually not for the day trade candidates. I appreciate you sharing this – go get ’em today!