Good evening StockBandits!
A steady morning slide into negative territory left traders with a dilemma today, and the buyers responded with an afternoon rally which erased the majority of the day’s losses. The DJIA actually finished positive, and once again we see evidence that even on a day absent of momentum, the uptrend is still intact. We also saw volume pick up from yesterday’s levels in most cases, showing continued post-holidays participation, even if it may have been tied to the intraday down-and-back battle we saw.
Today’s action allowed much of Monday’s upside gap to get filled, and yet by the close we saw recent resistance zones cleared once again. So although on the surface it looked like little took place today, there was some important technical action which the net changes simply don’t reflect. Often times that’s the case in the market.
Many individual stocks are still digesting Monday’s moves, leaving me uniterested in adding more overnight (swing) exposure in tomorrow’s session. Instead, I’ll stick with the two names I added today (please see the Hit List below for details) and otherwise will focus on a handful of day trade candidates which look poised to offer some single-day potential, provided of course they can clear the levels highlighted in tonight’s video.
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: LVS, FCS, BLL, KMX, TIE, SAFM
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
LVS, ATML, CBS, NTAP, ITMN, ENTR, VSH, SOL, CMA, BYD, KKR, NDAQ, FCS, URI, STEC, HLS, CCME, SPMD, BLL, TMK, NXPI
Bearish Watch:
TIE, COH, YUM, NKE, KMX, BVN, UA, SAFM
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.
