Good evening StockBandits!
Quiet action at the end of last week left the indexes looking like they could easily turn higher. The minor dip we saw came with finishes off the session lows each day, as I noted last night, and that created an opportunity for a higher low to be formed on the daily charts once the pullback came to an end.
Today, it appears the pullback is done. Stocks surged higher today, holding an opening gap to the upside and building on it as the day progressed. Monday morning optimism is often times a chance for profit-taking, but today it kicked the buyers into gear and stocks never looked back. By the closing bell, the indexes had gained roughly 2% across the board.
The DJIA actually broke out today with a solid move through the June high. The NAZ, S&P 500 and RUT each have now come to within spitting distance of key resistance levels, although the June highs are still some distance away. Regardless, the bulls now have an opportunity to flip this “relief rally” into a full-fledged trend reversal. Follow through will at some point be needed in order to make that happen, so it should be a very interesting market we’ll face in the days ahead.
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: NEM, GG, AEM, MON, F, HAR, FMER, GOLD
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
PCP, ESI, BID, IDT, NIHD, DRI, MON, F, SOHU, TSLA, BP, ASH, CRUS, TIE, JNPR, HOT, GS, ATW, EMR, MOS, CRM, FFIV, X, FMER, JLL, GET, NCR, MGM, HAR, SNDA, R
Bearish Watch:
MHS, GG, NEM, AEM, GOLD, ATHR, COV, NFLX
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.
