Good evening StockBandits!
New 52-week highs set on Friday last week once again struggled to find follow through, as today we saw the market simply stagnate. The primary character of this market hasn’t been its ability to post a lot of big up days, but rather its inability to move lower. That keeps things difficult for bulls and bears alike, as short sales get no traction and the buyers get very limited momentum.
We are still right in the thick of earnings season right now, which is also keeping traders primarily focused on individual stocks instead of ‘the market.’ That means much of the activity is centered around individual names, rather than the ‘buy anything’ mentality which often accompanies uptrends. So until we see some better market-based momentum, it’s a good idea to keep this in mind when it comes to expectations for follow through.
Heading into Tuesday, I’m looking to focus on day trades. The combination of setup quality I’m finding, along with it being right in the thick of earnings season is requiring a narrower timeframe for my trades right now, so in the video I’ll point out the ones I’ll be watching closely tomorrow.
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: CRUS, STRI, LLEN, GMCR, MTG
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
CRUS, LLEN, HLX, INFN, OZM, DM, STRI, SIRI, GG, ARBA, CMCSA
Bearish Watch:
RTI, UTHR, CAGC, MON, CEPH, STT, MOS, FCX, MASI, RINO, NTY, MTG, AGU, CSIQ, IPI
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.
