Good evening StockBandits!
The major averages posted incremental gains today, but essentially it was a day of rest. Intraday, there was no momentum, making for a range-bound session with only a few pockets of momentum.
The DJIA and S&P 500 marked new highs today, but not by much. In the meantime, the NAZ and RUT are each below their recent highs. That leaves us with a market that’s still slightly split between the blue chips and “the others,” so the waiting game continues for us to see which side will ultimately take the others with it.
We’re essentially in a trading range here as a result, and that brings added importance to our efforts as traders. In a strong or weak market, it’s easier to take a ‘rising (or falling in the case of a selloff) tide lifts all boats’ type of approach and get away with it than right now where the overall market runs have been limited on a net basis.
That isn’t to say there’s a lack of opportunity out there, because there are some great trades to be had (such as this week’s IPXL, REE, and ATW). Rather, it’s just important that we exercise some patience and selectivity here so that we’re putting capital at risk when there’s a potential reward which warrants it. And of course, as moves with better momentum come along, we can get more aggressive alongside them.
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: RJF, REE, AIG, ANR, DECK
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
RJF, FISV, LEAP, NAK, REE, PAY, ATML, ATW, REN, GRT, AFL, NVDA, AIG, TTMI, TXN, KCI, BAC
Bearish Watch:
ANR, MCD, NTAP, AEM, MSB, MSCI, DECK, APD, YUM, CREE
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.
