Good evening StockBandits!
The market sagged a bit this morning but never could gain any downside momentum. Ultimately, just like so many other days of late, that led buyers to cautiously put capital to work and that produced a lift which lasted throughout the afternoon, taking the market out near the highs of the session.
Momentum remains absent intraday, and save for a select few stocks which are garnering excessive attention, there hasn’t been a whole lot going on. The indexes are still just in their slow-grind mode to the upside and that’s preventing any real spikes in emotion from either side. It seems the bulls remain cautiously optimistic and therefore are not in a panic to buy. By the same token, the bears have been reluctant to press their bets due to the lack of downside follow through over the past few weeks, and as a result we have a drifty market which is creeping higher.
Tomorrow is of course Friday, but we also have an extended weekend with the exchanges being closed in observance of MLK day. It seems every other week of late is a 4-day week, but that’s just how the calendar has worked out. As a result, we could see traders make an early exit tomorrow if it’s another limited-movement morning, so be aware of that as the afternoon sets in and stay selective.
As was the case last night, my watch lists are again heavily slanted to the bullish side, and the last few times that has happened we did see quick pullbacks set in. I am including some long-sided candidates for tomorrow’s session, as that’s where the majority of setups are. Should the market weaken though, appropriate risk management (and/or a lack of triggers for new entries) should protect me, so I’ll take it as it comes.
By the way, here is the link for my MarketWatch article from this morning on the fertilizer stocks.
I’ll cover my game plan for tomorrow in the video, and as always, feel free to share your own thoughts, trade ideas, and questions down below in the comments section.
Here is tonight’s video:
The Bandit Broadcast Video – Click to Watch!
Video Stocks Discussed: ASNA, MOS, POT, CP, GRA, NFLX, FII, ROSE
Swing Trading Candidates:
NONE TONIGHT
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The Hit List is a separate post which contains discussion on open positions and swing trade stops and targets, so be sure to check it for further details on swing trades.
