Good evening StockBandits!
Prior to the Fed, stocks had spent the bulk of the session chopping around in a range and generally underwater by modest amounts. Once the news hit, that all changed. For the final two hours of the day, the market trended strongly higher to finish at its best levels, leaving the S&P 500 at a new all-time high.
This completes the pullback phase for nearly all the averages (sans DJIA) and confirms the dips we saw last week as higher lows on the daily charts. The NAZ, RUT and DJIA each have yet to clear their prior highs, but they’re moving in unison with the S&P and it may only be a matter of time. With the aggressive dip buying we’ve seen so much of lately, it’s difficult to bet against the bulls until we see them start to falter a bit.
The power to my office is out so I’m working remotely from Chick fil-A on my laptop and the wifi is acting up. Needless to say, I’m against the odds here today! For that reason, I’m going to hop right to the charts to ensure that you get a report before something else goes down!
NAZ – The NAZ has been dealing with 4344 lately but finally pushed through today on heavier volume. It’s now just a short distance from the March high and the bulls likely won’t let that opportunity slip after the work they’ve put in over the past several weeks.
SP500 – The S&P has been gradually rising in the past few sessions but finishing strong each day, and then today saw some acceleration to ease past 1955. The dip was healthy and shallow and the bulls reasserted themselves well to protect the trend.
RUT – The RUT edged past 1179 today, painting its fourth straight advance and ending just 10 points shy of the prior bounce high from April at 1193. Beyond that, we have 1208 and 1212, so it may not be easy but higher lows and higher highs are now in place off the May low.
DJIA – The DJIA lifted today to end just 64 points from the all-time high of 16970. Volume improved and we’ll now see if it can build on this bounce from support and see another upside breakout.
Notable Names:
BYD is facing short-term resistance here after a rally off the correction low. This rest has been healthy, but today’s strong close and proximity to resistance leaves it looking ready to get going again any day now. I like it on the long side if it can clear $12.20. The last few lifts have been isolated to just 1-2 days, so that’s all I’m looking for here.
HALO is coiling just beneath resistance here and a push through $10.40 may allow it to accelerate and get farther into the gap from April which extends to $11.59. This is another one which has been seeing quick spikes higher followed by rest, so I’m only looking for a single-day play if it goes.
CLDX is still on my list despite a small decline today. A push through $18.15 sets it free to rally again, but this one is a bit erratic and also a biotech, so I’m only interested in a single-day play if it goes.
APC broke out last week and has mostly rested since then. A new high at $110.10 looks good for another trade on the long side as the uptrend continues.
WUBA has been plenty volatile in recent months with frequent reversals and wide-ranging days. It has acted a bit more tame for the past few weeks, but I’m still just interested in a single-day play if it goes. Here it’s poised for a pop if it can clear $47.05 to make a new recovery high. There’s $2 of room to the April high, although this stock can move with great velocity and may not even respect that level if it reaches it.
New Swing Trade Candidates:
No new swing candidates tonight.
Bullish Watch (click for charts)
Bearish Watch (click for charts)
Trade Like A Bandit!
Jeff
