Good evening StockBandits!
The major averages each posted gains today on the heels of Tuesday’s selloff, but it wasn’t an impressive rebound. Not only did the market finish well off its session high, but the net changes gave the impression today’s bounce was more of a formality than anything.
Last night I mentioned here that we could see a day of digestion after yesterday’s big move, and essentially that’s what we got. The intraday ranges were a bit wider than I would have expected, but on a net basis we pretty much just saw the market take a rest.
In the short term, we still have the same couple of levels to keep a close eye on, which are last week’s lows and this week’s highs. Until we see a push beyond one of those boundaries, and particularly on a closing basis, there isn’t much to get excited about. So for now, the market is off it’s recent high and consolidating after a pullback. For me, that’s reason for caution until strength returns to warrant more buying.
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: ICO, RDC, MGA, IDCC
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
PBR, PDC, CHS, NOG, BDCO, GGC, ICO, KKR, CNQ, KLAC, KEG, PLCM, RDC, VSEA, CXO, WLL, TLM, SKH, CVX, IMO, COP
Bearish Watch:
MGA, TGT, JRCC, MOS, IDCC, CMI, AA, IPI, F, DE, SPW, FLR, POT, FWLT
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.
