Good evening StockBandits!
Today was one of those days where if you missed the intraday action, you wouldn’t think much happened. However, it was a roller-coaster type of day as stocks zigged and zagged their way well into negative territory and back up to flat by the end of the session. Momentum was fleeting in both directions, making for a difficult day for those expecting some kind of intraday trend.
Tonight we have the President’s State of the Union address, which could prove to be a market mover. Tomorrow we have the FOMC announcement on interest rates (and the all-important accompanying policy statement on the economy) due out at 2:15pm ET, which will be the main event of the week. Toss into the mix quite a few earnings reports, and this market will have plenty to digest in the days to come. Currently we’re range-bound, but I don’t expect that to last long with all this news.
There are still some good trades out there, and my approach right now is to simply take the best setups, regardless of which direction. That leaves me hedged at the moment, which is just fine in a range-bound market. We’ll eventually see some more unified movement in the major indexes, but at the moment we’re still on hold for that as the DJIA hits new highs and the NAZ & RUT lag behind.
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: ARW, COL, DLB, YUM, MTL
Swing Trading Candidates:
MTL made new highs a couple of weeks ago as it cleared some short-term resistance, but it wasn’t able to hold that level and has since turned lower with several days of high-volume distribution. Currently it’s consolidating, and looking vulnerable to another move lower. I’ll be going short this stock if it undercuts the lower trend line at $30.60 to start the next leg down. As with all swing trades, my stop and target levels for this trade are found on the Hit List here inside the Hideout.
Bullish Watch:
FTK, NAK, SRZ, REE, ADTN, LRCX, HANS, ARMH, AMAT, WBS, VNO, GRT, AFL, CI, IPXL, ARW, SODA, XEC, LLL, BRKS, COL
Bearish Watch:
AEM, VFC, MSB, MOS, CNQ, INFY, BWA, DLB, MTL, YUM
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.
