Good evening StockBandits!
Positive news after the bell last night from INTC was followed by additional upbeat news from JPM this morning, setting the stage for a big upside gap on the open. With the chance to book some overnight profits, the bulls opted to maintain the early gains and build on them into the afternoon rather than move to raise cash. The result was new recovery highs across the board as each of the major averages cleared key resistance levels.
After a V-shaped move right to resistance, quite a few stocks were setting up with some potential lower highs. However, today’s big pop changes that, keeping the uptrends very much intact. At the same time, the V-shaped bounce has kept the strong stocks on the move higher, leaving them somewhat extended and in difficult spots to initiate new buys for anything but quick flips. Needless to say, the health of the market seems to be intact, but locating plays with good risk/reward profiles at this point is proving to be a challenge.
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: CAT, SNDK, DOW, BIIB, PXD, VQ, SY, CERN, HANS, AMAG, EOG, VMC, NTES
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
EL, CREE, HANS, CPX, ATLS, SYNA, TLB, FMCN, HBI, COP, AONE, RDC, EOG, PSS, GCI, WLL, AMAG
Bearish Watch:
JOE, OVTI, VMC, NTES
The Hit List will be coming out soon with discussion on open positions, stops and targets, so be sure to watch for it.
