Good evening StockBandits!
The market recovered well from a bit of a shaky start today, pulling out of the red with a late-morning rally into mid-afternoon before leveling off a bit into the bell. All in all, it was another day of rest for most of the indexes, with only the NAZ making some meaningful progress to the upside.
To see the buyers again defend the breakout levels from Tuesday points to their continued presence, and it should not be easily dismissed. We’re still waiting for follow through, and in the meantime it’s allowing bears to point to the lack of upside since Tuesday. We’ll find out soon enough, but anytime even minor dips are being bought, it’s a market which deserves some respect.
I’m holding a couple of short positions, but they’re in stocks which have generally acted weak. Additionally, I don’t mind being somewhat naturally hedged by trading both the long and short sides while the market is showing some indecision. I’ll continue to do so until we get across-the-board breakouts through important levels such as 1294 S&P and 772 RUT.
Tomorrow we have the jobs number which could present an opening gap, so if we do see a gap in either direction, the next big question will be how does it get treated. I’ll be mindful of a potential gap fill if so, but otherwise will key off the important index levels while managing my trades accordingly.
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!
Video Stocks Discussed: GLW, FCX, HANS, GMCR, SINA, EBIX
Swing Trading Candidates:
EBIX held above its recent breakout with the past several sessions of rest, allowing it to base nicely in a tightening consolidation. I’m looking to buy this one if it clears the trend line at $22.85, as that should free up the stock to move higher once again. As with all swing trades, my stop and target levels for this stock are on the Hit List here inside the Hideout.
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.
It’s extremely useful watching someone with experience going through charts and considering trades. The newsletter is a good follow up to the combo “university” course which I thought was excellent. It’s fascinating stuff and I’m having fun. I usually become really skilled at things I turn my hand to, probably because I put everything I have into it, obsessively, until I have mastered it. I’ve appreciated the stock bandit resources very much. Once I feel I’ve mastered something though, I become bored and move on usually (Sagittarius), but I have a feeling this one will keep me entertained for a long time yet. No signs of boredom so far, and such a lot of room to develop potential.
Thanks Mark, I really appreciate the nice comments and I’m glad you’re getting so much out of the courses….that’s the aim! And they should prove to be an ongoing resource for you to return to as well in the future.
It’s exciting to see a newer trader like yourself exhibit such a good blend of enthusiasm and respect for the market…that’s not easy to come by. Usually one of those traits dwarfs the other and it’s a real challenge. Trading is never easy, but with your attitude persistent hard work, you will enjoy it for a long time!
Let us know anytime we can help out, glad to have you here!