Good evening StockBandits!
With a solid streak of winning days on the line, the indexes entered the new week with some modest strength this morning. Some minor upside to start the session was quickly erased as selling hit the tape right out of the gate. The damage was minimal, however, as a low was found just 30 minutes after the open. The action from there was quite choppy and uneventful, and although the market climbed slowly back to positive territory, some late-day selling pressure left the indexes just slightly in the red by the closing bell.
To see the streak get broken in this fashion is the best-case scenario for short-term bulls, as virtually nothing was given back and the pressure of consecutive gains is now gone. Nonetheless, this market is due for some rest, so whether it’s more quiet days like today or an actual pullback, it would be very healthy to see either at this point.
Please leave your comments and/or questions below if you have any, I always enjoy the interaction.
Here is tonight’s video:
The Bandit Broadcast Video – Click to Watch!
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Video Stocks Discussed: WFMI, CENX, SNA, MDVN, TIF, PBR, LAMR
Swing Trading Candidates:
TIF has been bouncing back on diminishing volume, and now is stalling out just beneath a key resistance area. A move down through the rising trend line will trigger a short sale for me at the $43.10 level.
PBR has been bouncing back on diminishing volume over the past few weeks, and this one could undercut the rising trend line any day. A move down through $42.10 will trigger a short sale for me as a swing trade, as that would mark yet another lower high on this daily chart. Rising trend lines have offered good entries in the past, which also is worth noting.
LAMR has rebounded from the February low to test a key resistance area the past two sessions, but the stock has been unable to reclaim it. Upside volume has also been light, which is bearish. A move down through the rising trend line at $30.20 will trigger a short sale for me, as that would indicate the start of a turn down from this key area.
Bullish Watch:
VRX, WFMI, WYN, APL, KLIC, MGA, AFFX, SMCI
Bearish Watch:
TIF, PBR, CENX, NTRI, PKX, UA, SNA, MDVN, SWM, SPR, IR, LULU, FLIR, WLL, LAMR, FCX, R, TM, SNI
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.
