Good evening StockBandits!
A pretty flat open was followed by some morning selling pressure today as the indexes moved into the red, giving the dip-buyers yet another opportunity to prove themselves. Once again, they were up to the challenge, producing enough of a bounce to return the indexes back to Monday’s closing levels. Once there, the market wasn’t able to gather any lasting traction in either direction, hugging the flat line for the remainder of the session.
As I noted last night, with it being options expiration week, I am expecting to see a decent move or two between now and Friday afternoon. I also am expecting to see more volume kick in, and it wouldn’t take much to get that.
The uptrends are still intact for the indexes, but this most recent bounce has left quite a few stocks with the potential for lower short-term highs. Light-volume bounces to lower levels are becoming more prevalent on the charts of many individual stocks, some of which I’m short (GET, DOW, FLR, SNDK), and that’s worth pointing out. As always though, keeping an eye out for potential plays in either direction is my plan, so I’m open to whatever comes along.
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, trying yet another one tonight, so please be patient until we get it right!
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Video Stocks Discussed: ALGN, COP, BIIB, HANS, GLD, AONE, TEN, ASH, OVTI, A
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
SY, NTAP,HANS, ADM, TLB, FMCN, ALGN, OC, COP, GLD, AONE
Bearish Watch:
JOE, TXI, A, TEN, ASH, STEC, HAWK, CLI, LEAP, FLR, REG, KRC, ACM, OVTI, SPW, VMC, ORLY, GET, GYMB, CVC, LBTYA, ROK, BIIB
The Hit List will be coming out soon with discussion on open positions, stops and targets, so be sure to watch for it.
