Good evening StockBandits!
After an initial selloff to begin the month, the major averages have rebounded quickly to recover the ground they had given back. Last week we saw the NAZ and S&P 500 each go 5-for-5 as they headed right back to test key resistance zones. The volume on the bounce was somewhat lighter than what we saw during the selloff, but the bulls still deserve the benefit of the doubt at this point. Until we see at least one bounce fail (and probably two or three), the trend is still up and it’ll be difficult to fight that.
With the market having just made a nice move higher, few stocks look good for new long-sided entries here in the very short term. It’s always my style to go with what I find in the charts, which tonight is a mixture of longs and shorts. Nonetheless, more setups will be arriving daily, and I’ll of course post them here as they come available. For Monday, I’m looking to remain rather selective while waiting to see if the bulls can clear the resistance zones across the board (the DJIA has pushed through 9854 already).
Before we get to tonight’s video, let me just quickly remind you that you may view the video in full-screen mode by clicking what looks like an X in the player control right beside the timer. Hitting ESC on your keyboard will bring it back down to size. I’m still experimenting with video size for the next several days to find the best quality, so please be patient until then!
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Video Stocks Discussed: HBI, JEF, JOE, VMC, SNDK
Swing Trading Candidates:
SNDK has been bouncing, but the bounce appears to be failing after some stalled-out price action. A rollover down through the $21 level should pave the way for some selling to kick in, so I’ll be looking to short sell this one if that occurs.
Bullish Watch:
AM, TIF, THO, JEF, VQ, HBI
Bearish Watch:
ORLY, VMC, SYNA, SNDK, CYOU, HAWK, STEC, ASH, A, BGC, JOE
The Positions Post will be coming out soon, so be sure to watch for it.
