Good evening StockBandits!
The positive news after the bell yesterday gave us an indication last night that we could be facing an upside gap this morning. That was indeed the case, but rather than building on it, traders took the opportunity to lock in some gains and do some selling. The early gains were erased, and the market finished in the red.
I mentioned in last night’s video that how the gap gets treated could offer us some indications, and although today’s reversal could have been much worse, it does point to some short-term fatigue finally setting in. We’ve seen quite a run just from the lows set early this month, so if today’s turnaround finds additional selling or even just some rest, it would be a healthy thing for this market. That would also allow many more stocks to consolidate, which they’ve been unable to do lately given the one-way nature of the current rally.
Here is tonight’s video:
The Bandit Broadcast Video – Click to Watch!
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Video Stocks Discussed: WHR, AMG, CERN, YONG, APH, IR, HOG, DWA, SHAW, LVS, WYNN
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
THC, AONE, APH, IR, APAC, LIZ, HOG
Bearish Watch:
MAC, STEC, GET, LBTYA, CPT, DWA, BKE, SHAW, LVS, TXI, CLI, WYNN
The Hit List will be coming out soon with discussion on open positions, stops and targets, so be sure to watch for it.
Jeff…would you consider your Bullish and Bearish Watch Lists as cumulative? That is, don’t merge, for example, Monday night with Tuesday night to get a combined list, or should they be merged. Or another way, tonight, did you not include stocks on the list because they were already listed last night, or did you not include them because they no longer are on your watch list for tomorrow day.
Hey Jon!
I list all of the stocks of interest for tomorrow each night in the Broadcast, whether via the video or the bullish/bearish lists. So basically I start over every day and put up what I’ll be watching. Some might carry forward from Monday to Tuesday, but I review each one and will only put it on the list if it is still of interest.
Stated otherwise, when it is Tuesday, you can ignore Monday’s list.
Go get ’em on Wednesday!
Jeff
Jeff,
Just joined this site and was very impressed with the video. The charting/technical analysis you go over in detail is just plain awesome! Jim
Welcome Jim!
Thank you very much for the nice comments, always appreciated. Glad you are here and hope you’ll feel free to comment here anytime you have questions or trades you’d like to share with the Bandits.
Jeff