Good evening StockBandits!
Another range-bound session today saw a weak start, a slow grind higher, then a return to lows in the afternoon. In the end, minor downside was seen, but it keeps the indexes inside the trading range of the past several days. That has meant a distinct lack of momentum, but at the same time it’s gone a long way toward allowing individual stocks to put in some much-needed rest. As a result, many bases are emerging on the daily charts, which is a healthy thing.
The indexes remain stuck in between their uptrend lines from the February lows, and the highs set last week. Until we see one of those get taken out, particularly on a closing basis, we can likely expect more of the same choppy action.
With that in mind, it’s important that we also consider Thursday to resemble a Friday in terms of market activity. Unless some nice momentum is seen in the early portion of the day tomorrow, it’ll be a clear signal to do less in the afternoon, given that it’s the last trading session of the week ahead of a long holiday weekend. The market will be closed for Good Friday, and traders by and large may leave their screens in the afternoon with an absence of momentum in favor of spring weather and other activities. So, stay on your toes out there tomorrow, and if not much is happening, sit on your hands.
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: PCX, FDX, OSG, AMED, TMK, CNW, PCL
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
CNW, PCL, TMK, CTEL, PCX, CISG, PDCO, RDN, FDX, PXD, ATVI, ACXM, GMCR, ROK, DAL, WFC
Bearish Watch:
CAGC, UTHR, MLHR, GDP, CAG, OSG, AMED, SFL, CF, EQIX, MAN, SY
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.
