Good evening StockBandits!
For the third straight session, afternoon weakness erased prior gains today as the indexes moved from green to red by the closing bell. The losses weren’t significant, but what may be significant is the fact that this market is sending daily signals of fatigue with these weak finishes. That’s not to say we’re set to roll right over, although anything’s possible, but simply to say some caution here is warranted on the long side until we see some strength which entices more buyers rather than sellers.
The lack of conviction we’re seeing here on the upside has brought about short-term downside reversals on the charts of quite a few individual stocks. That has left sloppy patterns over the past few sessions, and there aren’t a lot of setups tonight I’m watching (as evidenced by the abbreviated Bullish & Bearish Watch Lists down beneath the video).
My plan for the moment is to respect the indecision we’re seeing at the moment and in many cases just shorten my timeframe for new trades. I noted here a few days ago how the end of the year brings with it some cross-currents which aren’t present during the rest of the year, and it could be that we’re just seeing some of the fruits of those other motives in the market. Regardless, there are some setups I’m willing to take for trades on Thursday if they do happen to trigger.
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: DECK, YOKU, QLIK, SODA, AGU
Swing Trading Candidates:
AGU established a lower high on its daily chart and since then has been grinding lower. A rising trend line has served as support in recent weeks, and I’ll be using that trend line as a pivot for a short sale at $80.40 if broken, looking for some accelerated selling if that trend line break occurs. As with all swing trades, my stop and target levels for this trade are on the Hit List here inside the Hideout.
Bullish Watch:
IDT, MIPS, KMX, MCP, SFY, GPC, IPI, SODA, MFC, XEC, SRS, DECK, YOKU, QLIK
Bearish Watch:
BVN, BIDU, LLL, AGU, CSIQ, WYNN
The Hit List is a separate post which contains discussion on open positions and swing trade stops and targets, so be sure to check it for further details on swing trades.
