Good evening StockBandits!
The new week kicked off without much excitement today as the major averages spent the day in narrow trading ranges. With the exception of an afternoon slide, there wasn’t much of note from today’s session. For once, the closing numbers of the minor net changes actually told the whole story.
Friday’s highs were exceeded in the NAZ, S&P 500 and RUT, with only the DJIA stopping shy of last week’s highs. So, the levels I’m watching for the indexes haven’t changed since last night’s Broadcast. Today’s lackluster session did help with stocks which have been trying to base, so we’ll see if we get a bit more rest ahead of some key earnings reports this week (such as INTC tomorrow afternoon and JPM Wednesday morning).
In sifting through many charts this afternoon, I found very little which interests me for more than just a few hours, so the trades I’m eyeing for tomorrow are day trade candidates. I expect more quality bases to emerge soon, which should make for more swing candidates, but in the meantime I have no interest in forcing trades or taking on additional exposure when it isn’t justified by the charts. There are times to do more, and times to do less, and I think for Tuesday the latter is most appropriate.
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: MCP, IVN, MTL, TMO, MELI
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
MTL, IVN, CSIQ, MCP, OMC, MYGN, YGE, CHKP, DRIV, ERTS, REXX, WIT, ALTR, LINTA, IDCC, INCY, FTI
Bearish Watch:
BBT, RVBD, APKT, NE, RHT, VMC, TMO, AKAM, EQIX, MELI
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.
