Good evening StockBandits!
Early strength evaporated rather quickly today with a steady morning downtrend taking each of the indexes from nicely green to red across the board. The buyers emerged on weakness once again though, producing some intraday support and an afternoon rally which left the indexes positive on the session by the closing bell.
The indexes each remain beneath Monday’s highs, but to see yesterday’s pullback get met with buying is yet another indication that the bulls are still maintaining control. A short-term rest here won’t damage anything, and as a matter of fact is a healthy way to digest gains along the way. That’s of benefit not only to the indexes, but to individual stocks as well which are trying to either build on recent bases or create some short-term consolidation patterns like flags or pennants.
On another note, I put out a post earlier on Looking at a Loss the Right Way. You can also scroll down on the Bandit Hideout homepage to read it, but this is a very important topic for each of us to consider as traders. Losses are a part of doing business, so it’s in our best interests to keep our ‘overhead’ down. Check out the post and share your feedback on it.
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: GHL, VMW, SLB, CYT, AEM
Swing Trading Candidates:
NONE TONIGHT – 100% cash.
[table “154” 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.
