Good evening StockBandits!
The indexes pushed higher last week to reach new recovery highs and some key resistance zones as well. That keeps the uptrend intact, and brings the market into a congestion zone from the spring as the 2010 highs come into view.
What was quite impressive was the fact that earnings disappointments were completely disregarded from big names like INTC and JPM. That shows the resolve of the bulls at this point, and affirms the notion that there’s ongoing underlying strength out there. With the majority of companies still slated to report earnings in the coming weeks, however, there will be no shortage of news to digest.
The big question at this juncture is whether or not the major averages can push right through the aforementioned resistance zones. We’ve already seen the NAZ push beyond 2450, but the S&P 500 has failed to reclaim 1180 on a closing basis after two intraday attempts this week. Given the recent success of the bulls though, it’s unlikely they’ll give up quickly.
Overall, the tone of the tape continues to be one of optimism. Dip buyers have repeatedly stepped in to provide support on even shallow pullbacks, and every time have been paid for it. In the bigger picture, the focus remains on the economy. The bulls have the hope of an improving economy, and the reassurance of further action from the Fed if that doesn’t happen. That’s definitely keeping the wind at their backs for now, and they’re capitalizing on it well.
A number of stocks are still acting well, and some still need rest after the runs they have made. Tonight’s video runs through several setups to put on your radar, as well as the setups I’m eyeing for Monday’s trading session.
** One final note is that I will not have an update on Monday night or Tuesday night. With baby 2 on the way soon, we’re moving to obtain more space and so this is the first portion of that phase. Anyway, just wanted to let you know that this week there will be 2 nights (Monday & Tuesday) on which there will be no update.
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: TRE, PWRD, WYNN, CLR, TWI, OSG, CTXS, MTL, HS, KMX, EQIX, PLD
Swing Trading Candidates:
PLD cleared prior highs a few weeks ago and has entered into an uptrend. Currently it has pulled back just slightly within the trend, creating a descending trend line which I will be using as a pivot for a buy at $12.80 if crossed. As with all swing trades, I’ll have my stop and target levels listed on the Hit List here inside the Hideout.
Bullish Watch:
MTL, SGY, IMAX, WPRT, PXD, HS, ACM, ATPG, TRE, HAR, AGCO, ATW, MDRX, ALTR, EC, JCP, TWI, KMX, PLD, PWRD, BBY, WYNN, DE, SOHU, PMI, CLR, DAR
Bearish Watch:
FFIV, ARUN, SAFM, OSG, THOR, LPS, CTXS, TSN, EQIX, UTHR, MS, LAZ
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.
Lowering stop on FFIV to $95 for remaining 1/2 position, that will give it a little room to breathe while still allowing opportunity to reach Target 2. Good action so far…should have an update tonight here in the Hideout.
Make it a great day!