Good evening StockBandits!
Tuesday’s gains were erased today as the market came under pressure. Whether it was profit-taking from the bounce of the past few sessions, or a response to the rally in the dollar, the end result was lower prices for stocks. The selling was orderly, and things did stabilize in the afternoon, but with volume picking up it proved to be a day of distribution.
Despite today’s decline, the indexes remain short-term range-bound here. We’re off the highs set early this month, yet holding above some key levels of support. At some point that will change, but in the meantime we can continue to expect a lack of follow through until we see a close outside this range. Trading ranges are periods of indecision, so naturally it follows that shifts of direction are more frequent within the range.
Tonight in looking through many charts, I found only a few of interest for tomorrow’s session. Each of those will only be for day trades, as I simply don’t like the patterns enough for swings, plus the necessary exits which would accompany them if I took them for multi-day moves. So, I’ll manage my existing overnight positions (see the Hit List for details) and otherwise look to initiate trades where I can better limit my risk through an intraday timeframe.
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: VMED, RYN, MEE, NUE, SCCO, MON
Swing Trading Candidates:
NONE TONIGHT
[table “42” not found /]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.
