Good evening StockBandits!
The weekend news flow regarding healthcare left traders skittish this morning, sending the futures markets lower and leaving stocks with lower bids. The gap down on the open didn’t last very long though, as bulls and bears alike recognized rare follow through weakness and stepped in quickly with cash. As shorts got covered and stocks were bought, the indexes moved into the green once again by a modest amount for the remainder of the day.
Traders on both sides of this tape right now are confounded by the one-way nature of this multi-week move. Bulls can’t get a pullback to allow them a re-entry, while the bears can’t get a break for more than a few hours with the lack of weakness we’ve seen. With everyone so anxious to see a decent dip, the market isn’t playing along. At some point that’s going to change and better bases will be built, but for the time being, we’ve got to survive it and pull out some profits with some shorter-term trades.
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: ACXM, GVA, PNC, DCP, MRX, A, HXM
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
PNC, DAN, ACXM, DTG, ATK, DPZ, LAMR, MGA, DCP, GVA, ITG, VMC, TIVO, MRX, BCSI, ROK, ALKS, A
Bearish Watch:
HXM, LAZ
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.
