Good evening StockBandits!
First of all, I want to thank you for your patience yesterday in my absence. I had caught a very nasty stomach virus which hit me Tuesday afternoon and wiped me out until today. It’s nice to be upright again, I’m feeling much better, and I truly appreciate the kind emails from those of you wishing me wellness.
Alright, let’s talk about this market. Wednesday threw a kink into things after it appeared the market was finally starting to settle down a bit and move away from the big sudden gaps we had seen so much of. With all things, perhaps this will just take a bit of time to move past. Europe remains a focal point for traders, and now it’s Italy in the spotlight rather than Greece. It may shift to France or Spain or someplace else before it’s all said and done, but the point is that we have to stay aware of the knee-jerk reactions this market is likely to have along the way.
While Wednesday’s sharp decline failed to find follow through, the rebound today was only partial – and anemic in some cases. For example, the S&P reclaimed nearly 1/4 of Wednesday’s losses, but the NAZ only 1/21. Regardless, the indexes have thus far held within their recent trading ranges, respecting short-term support. That’s still beneficial for the bulls, but it does remind us that momentum may be fleeting until we see this phase of indecision pass.
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: CBI, CAVM, SGY, DV
Swing Trading Candidates:
NONE TONIGHT
[table “164” 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.
