Good evening StockBandits!
The major averages once again were unable to make much headway today as the NAZ gave up a few points while the senior indexes added a few. All in all, the bulls simply maintained their position.
We are still waiting for some better momentum to surface this year, at least since last Monday’s big gap higher. That of course was responsible for the bulk of last week’s gains, reminding us that most of the week was spent in a rather narrow and choppy range. I would expect things to pick up sooner rather than later, and given that the overall trend is up, I’m on my toes watching for plays on the long side. However, should things happen to weaken and we see some profit-taking set in, I’ll be willing to consider the short side rather than fight it. Anything is possible, and we must be on guard for some range expansion soon, one way or another.
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!
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Video Stocks Discussed: ARM, ONXX, LEAP, KIM, NAV
Swing Trading Candidates:
KIM turned higher a few weeks ago from a support zone and now is testing a resistance zone which has been validated a few times in recent months. A move up through the $14.25 level would constitute a breakout for this stock, so that will serve as my buy point for a swing trade.
NAV underwent a correction last summer and fall before stabilizing, and since then it has been recovering in a healthy fashion. Tonight the stock looks ready to start another leg higher, so I’ll be a buyer if and when it clears the resistance zone at $41.40.
Bullish Watch:
ARM, CAT, NAV, INCY, SPR, DAN, RAX, ARE, PHM, MTH, TEN, VCI, MDC, DF, VNQ, LZ, ONXX, MGA, TRW, BEAV, DAL, CSIQ, YGE, SYNA, SAH, KIM
Bearish Watch:
FAF, NFLX, PBR, ANF, LEAP, 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.
