Good evening StockBandits!
Stocks rallied today on the heels of last night’s Presidential address and ahead of today’s FOMC announcement, taking the indexes right to some notable levels. The DJIA spent the better part of the day hovering around 12,000, the RUT lingered near 793, and the S&P flirted with 1300 for most of the afternoon. In the end, we finished not far from those levels, and today’s FOMC ended up being a non-event (so far anyway).
This market has quite a bit of news to digest, and more is forthcoming with earnings reports from big names as well as econ data before the week is out. That means we could see some more decisive movement in the next couple of sessions, which would be nice since we’re still essentially range-bound in most of the indexes.
Regardless, there will be more opportunities in the days ahead for trades across multiple timeframes, which to me is the sweet spot of trading. Being able to maneuver on the shorter timeframes (day trades) while waiting for some setups for the longer timeframes (swing trades) to develop is a huge advantage we have as active traders. I’ll be looking to exercise some patience tomorrow in terms of adding new positions, and will therefore be looking at a handful of setups for day trades while I wait for more swings to emerge on the charts.
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: REE, ATW, BG, YUM, PLCE
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
TTMI, RJF, NVLS, ANR, AMTD, LEAP, PCX, MGA, NAK, SPMD, ATPG, FTK, DFS, IDCC, REE, CCME, PAY, KKR, ATW, REN, IPXL, ARW, SODA, XEC, BG
Bearish Watch:
MSCI, YUM, PLCE
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.
