Good evening StockBandits!
With Wednesday’s news and a night to sleep on it, traders woke up today once again in the mood for selling. No motivation was found to put cash to work, so instead we saw more cash get raised as shares were shunned. The lows of the session came midway through the day, and a slow grind higher set in for the afternoon. However, the progress was limited and momentum was nowhere to be found as the buyers felt no urgent need for stocks. As it became clear late in the day that the bounce was not going to erase much of the day’s losses, the bounce lost steam, leaving stocks not far off their lows of the day.
Today’s attention was mixed between yesterday’s news, speculation about FOMC Chief Bernanke being renominated for another term (which he was this afternoon), and tonight’s earnings reports from NAZ heavyweights AMZN and MSFT. We’re right in the thick of earnings season, so the action in the limelight stocks of the day along with the market’s action since last week has been a combination for distraction in the last couple of sessions.
The big picture still points to a steep selloff and no rebound, which means the bulls have something to prove for the first time in quite a while. Currently they’re disinterested, but once we do see a multi-day bounce, it should shed considerable light on the health of this market (which sure appears to have changed).
Please leave your comments and/or questions below if you have any, I always enjoy the interaction.
Here is tonight’s video:
The Bandit Broadcast Video – Click to Watch!
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Video Stocks Discussed: AVB, TSL, SLG, PCP, COH, M, GNW, UTHR, PVX, PWRD, JCG, CRM
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
GMCR, MAPP, GNW, MMR, UTHR, PVX
Bearish Watch:
SYNA, CRM, AVB, TUP, CSIQ, TSL, SLG, INFA, TIF, PCP, JEC, COH, M, OII, OSG, SPN, PWRD, GES, GOL, JCG
The Hit List will be coming out soon with discussion on open positions and swing trade stops and targets, so be sure to watch for it.
