Good evening StockBandits!
It was quiet on the trading front this morning as the market initially sold off after yesterday’s incremental breakout, pulling the indexes back into their respective trading ranges. However, things stabilized soon after and from there an intraday uptrend emerged. That continued into the afternoon, leaving the market at new recovery highs once again, and just a bit further beyond former resistance zones from mid-August which were cleared yesterday despite an end-of-day hiccup.
While today’s push was a positive one for the bulls (follow through), it still leaves this market short-term stretched to the upside and therefore difficult to buy for anything but day trades. Add to the mix the fact that virtually no stocks have been able to base quietly of late, and there just isn’t much to look at in terms of potential swing trades in either direction. The buyers are holding their own for now, but chasing stocks after significant runs over the past few sessions is a recipe for buying late.
Fortunately, there are some excellent opportunities for day trades. Today gave us nice moves in all 3 of last night’s candidates, offering potential for profits without the overnight gap risk which has been so prevalent for the past month. I particularly liked the intraday charts of those day trades, so I’ll point out some lessons from them in tonight’s video.
Beyond that, there are a handful of trades I’m eyeing for tomorrow’s session, but as we edge deeper into the week, the long holiday weekend will no doubt pull traders away from their screens. Volume has been light lately, and that’s likely to continue until at least next week as late-summer vacations are taken ahead of the fall.
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!
Video Stocks Discussed: QIHU, GOLD, RENN, CY
Swing Trading Candidates:
NONE TONIGHT – 100% cash.
[table “112” 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.
