Good evening StockBandits!
A weak start set the early tone today as stocks dipped slightly on the heels of Friday’s strong rally. The selling was contained, however, with no rush for the exits and a lift off the day’s lows into the close. All in all, it was a day of rest with the indexes still caught in their short-term ranges, so there’s little to read into today’s action given that nothing of technical significance took place.
In terms of individual stocks, I entered a couple more swings today on the long side (detailed notes are in tonight’s Hit List post). Aside from that, another day of rest simply helps the bases which were building in so many charts over the past several sessions. With each passing day, another bar is added for those patterns to develop further, which is positive even though the indexes are just holding their ground.
If we see a turn up and out of these ranges take place sooner than later, there should be no shortage of stocks headed for higher ground. My watch lists remain bullish overall, but I’ll of course keep an open mind and let the price action guide my plans.
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: PFCB, DPZ, VC, INFA, RIG, CERN
Swing Trading Candidates:
NONE TONIGHT
[table “166” 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.
CERN,GMCR and OPEN were hot stocks for 2+ years, but all broken down these days. seems every correction bring down the high flyer.
I completely agree Tao, that’s a great reminder of a couple of things as well….
1. Never get married to a position. If the trend shifts, shift your position or exit entirely
2. Watch for new leadership to emerge after market corrections, as the same old go-to names may be left behind.
Thanks for pointing this out! Go get ’em Tuesday.