Good evening StockBandits!
The NAZ held up nicely for most of the day on Friday, outperforming the other indexes until the final hour arrived and they went positive as well. The S&P 500 was able to go 5-for-5 on the week, creeping higher each day after the initial jump start. For the overall market, the momentum was very muted beyond the opening minutes of the week, and for the most part it seemed as though the bulls were most interested in protecting those early gains rather than building aggressively on it. All in all, Friday was a fitting end to a rather lackluster week, with Monday’s big gap being the exception.
This next week we’ll see if the buyers can step up their efforts, but many individual names have become short-term extended after the past 3 weeks of upside. That places added importance on not forcing new trades, as I don’t want to chase stocks higher. Uptrends are still in place across the board though, and therefore I also have no interest in aggressively fading this rally until there are technical reasons in place to do so. As of yet, that isn’t the case.
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!
–
Video Stocks Discussed: CERN, YGE, FLIR, NTRI, PCU, STEC, MTL, EOG, PFCB, HOC
Swing Trading Candidates:
HOC turned solidly higher last week on strong volume, and has since rested for a few sessions. This bull pennant looks poised for higher prices if this one can clear the upper trend line at $29.20. I’ll be a buyer if that occurs.
Bullish Watch:
PCU, CNX, STT, APH, MHP, CERN, HOC, CAAS, CSIQ, YGE, STEC, FLIR, SYNA, XOP, SAH, MTL, CHK, EOG, APC
Bearish Watch:
NTRI, PBR, PFCB, EXC, TRV
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.
Jeff, APL may be worth putting on the radar screen for a long day trade if it clears 12.15. Have a good week.
Hey Gary!
Good eye, APL has had a lot of recent momentum and may look to build on it. Given the volatility there, I like the day trade timeframe for it as well. Thanks for posting this one and go get ’em on Monday.