Good evening StockBandits!
Stocks held their ground quite well today, as traders returned from the weekend with plenty of reasons to raise cash. With earnings season starting this week, options expiration, and one heck of a short-term bounce, who could have faulted the bulls for raising some cash out of caution today?
Instead, a quiet day of rest was put in as the market digested last week’s move by simply stagnating. And although that sort of price action makes for tougher trading due to the lack of movement, it’s very healthy to see a pause rather than an outright reversal – at least not yet anyway.
Today we saw the NAZ and S&P both rally up and stop just shy of the 2220 and 1082 short-term resistance levels I outlined last night, validating those levels. I don’t expect them to pose major resistance, and a bit more rest for stocks here could in fact bring yet another wave of buying into the picture. For now, we’ll continue to monitor those zones while we wait to see if the buyers intend to reassert themselves sooner rather than later.
I’ll cover my game plan for tomorrow in the video, and as always, feel free to share your own thoughts, trade ideas, and questions down below in the comments section.
Here is tonight’s video:
The Bandit Broadcast Video – Click to Watch!
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Video Stocks Discussed: CLB, NBL, THOR, RGLD, PRU, LVS, IR
Swing Trading Candidates:
IR has moved swiftly lower from its peak just a few weeks ago, and since then has been unable to bounce. Instead, it has consolidated to create a very clean bear pennant pattern, so I’m watching for a breakdown to trigger a short sale for me at $33.45. My stop and target levels will be posted on the Hit List here inside the Hideout.
Bullish Watch:
AAP, NTES, PPO, DPS, APKT, THOR, CLB, NBL, LCAPA
Bearish Watch:
AGP, BYI, MHK, FRO, RGLD, PRU, AMED, CRK, IR, URBN, LVS, BBBY, JEC, RS, CLR, WAT, ANV, WMS, WLT, XCO, SKX
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.
