Good evening StockBandits!
Stocks recognized and respected resistance once again today, continuing the repetitive testing of the short-term ceiling. And although the gains were decent, the most impressive aspect of today’s action was the fact that stocks shrugged off some morning weakness to go from red to green across the board. As a result, nearly all of them are within spitting distance of their 52-week highs, giving the bulls yet another opportunity to continue pressing their edge.
We’ve seen this market on other recent occasions get close to breaking out, only to shy away from upper resistance and retreat. That’s a good reminder that the opportunity itself should carry far less excitement than an actual breakout would, so the burden of proof is on the buyers to produce new highs. If and when that occurs, the next order of business will be to build on the breakouts and gather some momentum.
Until unanimous breakouts are seen and better follow through can be expected, I’m largely sticking with quick flips. The passing of earnings season will also help with that, but for now it’s slim pickin’s on the swing trading front.
Let’s get to the charts.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
