Good evening StockBandits!
The market edged higher today with some rather quiet action. The buyers weren’t in a big hurry to put cash to work, although they never went away either. Today’s advance brings the NAZ and S&P 500 near resistance zones, so I’ll be watching for a possible push through those levels with virtually any additional upside from here.
In looking through many charts this evening, I am still seeing a ton of stocks which are behaving quite well technically and still appear poised for higher prices. The difficulty at this point, however, is locating well-defined entries to hop on board if this rally continues. I suspect in the coming days we’ll see quite a few more setups emerge, but heading into Thursday, I have a pretty streamlined list I’ll be focused on.
There is one correction I need to point out in tonight’s video, which is that SOHU is a swing trade candidate (in the video I refer to it as a day trade candidate). The corresponding chart markup is down below, as always with swing trades, and this one will also be on tonight’s Hit List post (for swing trades) to reflect that.
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: CCJ, BWA, BEN, OII, WFT, CERN, SOHU, ASH, GMCR, VPRT
Swing Trading Candidates:
SOHU rallied sharply to end last month on a positive note, and since then has consolidated on light volume. The stock is sitting in a very tight pattern here resembling a bull pennant, and looks ready to break out any day now. Given that this one has put in adequate rest, it could easily play catch-up once it clears resistance, particularly if the market shows strength. I’ll be looking to buy this one if the $48.10 level is cleared, and will have my stop and target levels on the Hit List post here in the Hideout.
Bullish Watch:
DRI, MOS, MON, NTES, ADSK, BIDU, SOHU, MTL, ASH, JNPR, MCO, CMI, AONE, AMG, FFIV, ISLN, NTGR, TWC, DPZ, GET, NCR, HAR, R, GMCR
Bearish Watch:
NEM, CERN, AKAM, VPRT
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.
