Good evening StockBandits!
Friday’s blue-chip breakouts were built upon today with continued strength to kick off the new week. With a slew of earnings and Europe still a primary focus, the buyers didn’t hesitate to get active today, pushing stocks higher into the afternoon where they then held their ground for the final portion of the session.
Today’s strength took the RUT right back to within 1 point of its recovery high from August, while the NAZ jumped through short-term resistance at 2667 to return to the 2700 area. Volume across the board was light, but price is still moving higher as this second wave of the advance gets underway following some solid rest last week.
There will be plenty of levels to contend with on the way back up after the late-summer correction, but for now the buyers remain in control of this market and that demands our respect. I’m seeing very little in the way of weak stocks which look shortable, so I’m focused on trading the long side right now with a short-term timeframe for new positions – particularly with the news flow still being such a focal point.
Be sure to check out today’s Trade Lesson from earlier if you missed it. You can see it at this link or simply scroll down on the Bandit Hideout homepage.
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!
Video Stocks Discussed: ACI, BHI, PAY, JNPR
Swing Trading Candidates:
NONE TONIGHT – 100% cash.
[table “152” not found /]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.
