Good evening StockBandits!
After stumbling into the weekend with a Friday fall, stocks rebounded today with nearly a full recovery. The entirety of the move took place right off the bat, however, with a gap up this morning and some early follow through before a few hours of lateral drift kicked in. By the close, we had roughly 1% gains across the board and had returned to the upper portions of the ranges.
To see no downside follow through may be positive for the bulls, suggesting that perhaps some bears got trapped in last week’s pullback. It was looking like a return to the lower ends of the channels was a distinct possibility, but Friday’s bar may have simply been a shake-out move. Either way, upside breakouts will be needed to make any meaningful progress, which is to say we’re still in the same boat of waiting for a catalyst.
I’m looking to stay very short-term with new plays due to the range-bound environment, plus it’s earnings season and few stocks are looking set for moves with an appropriate window of time within to work before their announcements.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
