Good evening StockBandits!
For the 4th straight session, the S&P 500 painted a different color bar than the prior day. Today it was a tiny decline of just 1.6 points, unable to add to Tuesday’s modest gain. This stutter-step price action is making things choppy, and particularly after a major breakout just last week. Expectations were high that once the range was left behind, price might pick up some speed. Instead, we’ve gotten quite a bit of hesitation.
The NAZ is the exception, as today it actually failed to extend its streak of advances to 11. Today it gave up less than 1 point, technically ending the streak but not giving up any ground. That’s exactly what we discussed here last night, the tendency of a streak to end with a minor loss rather than a hard pullback. I suppose the jury’s still out on that one, but the first decline certainly wasn’t of great significance today.
My watchlist remains lopsidedly bullish, although there are still many commodity-based stocks in that list. I’m sitting on some swing exposure already and have another on the list which is nearing a trigger (from last night), so I’m not looking to add anything yet. Instead, my trades for Thursday’s session will be for single-day moves. Hopefully we’ll get a bit more enthusiasm in the tape to produce some bigger moves.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
