Good evening StockBandits!
The indexes zig-zagged across the flat line today, never gaining any momentum in either direction for more than an hour or so at a time. Ultimately, they finished slightly negative, only a short distance from Wednesday’s closing levels.
We continue to see a reluctance (so far) in this tape to commit to a direction once key levels are cleared, which has been the case for several weeks now. The end of 2010 saw persistent dip-buying, but limited day-to-day momentum, which has kept a steady bid beneath the market. That’s prevented any real slips to the downside, but at the same time it’s prevented the melt-up types of moves which uptrends tend to have on occasion. That’s not necessarily bearish or bullish, but it does point to very low volatility, making this a market best suited for those with very short timeframes.
For Friday, I’m once again seeing a pretty limited list of names which look poised for moves, so rather than force trades in hopes of the market coming alive, I’ll take what it’s offering right now and make the most of it.
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!
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Video Stocks Discussed: OPEN, ULTA, KBH, KSU, MCK, ADSK, PHM, ORLY, MCP
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
OPEN, MCK, SRZ, ETFC, ACOM, ULTA, MIPS, ADSK, APKT, SLAB, ADTN, PHM, RVBD, NFLX, KBH, KSU
Bearish Watch:
MCD, SNI, AEM, ORLY, VFC, MCP, ANF, REE, CPX, MASI, TSCO
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.
