Good evening StockBandits!
The SPY streak continued today as it went for its 14th straight gain, and yet again the major averages advanced in a modest but consistent fashion. It seems there’s a major player or two caught on the wrong side of this tape right now, and they’re slowly being squeezed out with this persistent upside over the past few weeks.
We did see an attempt at some afternoon profit-taking, but it didn’t really materialize into anything but a minor slide from the best levels of the day. The S&P 500 and NAZ each added to their recent runs, while the DJIA finally joined in with a 52-week high of its own by clearing January resistance.
The day to day pace remains rather quiet, as we’ve sure not seen any huge single-day advances over the past few weeks, but the overall progress is quite impressive. The daily charts of the indexes continue to show a market that’s stretched to the upside, without any rest or pullback, which means that caution is still wise on both sides of the tape. The run could persist, or we could see a much-needed rest kick in at any time, so I plan to stay on my toes as long as that remains the case.
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!
–
Video Stocks Discussed: LEA, VAR, DPZ, HXM
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
FOSL, SFSF, CMG, CAKE, PAY, DPZ, CNW, DCP, SANM, LEA, RT, GMCR, BIG, VAR, PVTB
Bearish Watch:
HXM, FSYS, QCOM
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.
