Good evening StockBandits!
Another strong morning took the market higher today, but once a rest set in, the buyers never returned. The late-morning to mid-afternoon stretch was again characterized by a choppy trading range and a distinct lack of momentum, and once the final hour began, so did the selling.
What followed was a complete erasure of the morning gains and a move into negative territory as the market went out on its lows. Many have been waiting for some kind of profit-taking or rest to kick in after this bounce which started early this month, but the bulls have postponed that with their buying efforts. It could be that today’s reversal is pointing to some fatigue finally setting in, which means added caution on the long side heading into tomorrow.
Here is tonight’s video:
The Bandit Broadcast Video – Click to Watch!
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Video Stocks Discussed: FMCN, CNW, LVS, WYNN, SHAW
Swing Trading Candidates:
SHAW recently sold off sharply and has only been able to consolidate since then (very little bounce). This has created a bear flag pattern, setting up a potential short sale. Earnings are due next Thursday (10/29), but that leaves time for a trade if this bear flag confirms with a downside break of $28.10. I’ll be looking to go short if that occurs, and will adjust as needed to ensure I’m out before earnings arrive.
Bullish Watch:
FMCN
Bearish Watch:
GET, STEC, LBTYA, CPT, NTES, DWA, BKE, CNW, SHAW, LVS, TXI, WYNN, ODFL, KRC, TCO
The Hit List will be coming out soon with discussion on open positions, stops and targets, so be sure to watch for it.
Jeff…SHAW entry is listed as 28.70 on the hit list. Looks like the 28.10 ln the broadcast is the correct listing….Jon
SHAW short price has been corrected in the grid on the Hit List, please note the trigger I’ll be using is $28.10 as shown in the chart above.
Jeff
Thanks for the heads-up Jon, it had said $28 but now says $28.10 as it should have originally. Sorry for any confusion!
Jeff
Hi Jeff:
My PC screen resolution is 1280 X 800. Actual video is larger than its outside frame.It appears with vertical slider. I have to move mouse contionously during play, to see the volume at bottom and price at top.
Thanks,
-A
Hi Abdul,
Height of the video is 750, so it should still fit if you click the little ‘X’ in the player (right beside the time) to go full-screen. That will make it play outside your browser window and should make it fit without scrolling.
Great to see you here in The Hideout!
Jeff