Good evening StockBandits!
A negative start to the day brought about some additional selling as the morning gap to the downside inspired traders to raise some cash. The lows of the session were found late in the morning though, never to be seen again. From there, the indexes were able to stabilize and recover a portion of the morning losses, although they did remain in negative territory.
Once again, early weakness was partially offset by some afternoon buying, which is another glimpse of the dip-buyers stepping in to do their thing. They’ve been paid well every single time they’ve done it since March, so they’re conditioned to respond in this manner. Whether this time will prove fruitful for them or not remains to be seen, but the intraday bounce reminds us that even on a down day the sellers aren’t the ones in control.
Heading into Friday, it’s an options expiration day, which brings some unusual elements into play for the day. It is also a Friday ahead of a major holiday with Thanksgiving being next week, so it’s a day on which I’ll be very patient as well as selective with new trades. Keep that in mind particularly as the afternoon arrives, as more traders will have reason to start the weekend early if no momentum is present.
Here is tonight’s video:
The Bandit Broadcast Video – Click to Watch!
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Video Stocks Discussed: RINO, REV, FE, CVC, BBY, DLB, ERTS, CYT
Swing Trading Candidates:
NONE TONIGHT.
Bullish Watch:
AXP, RAI, CVC, GOL, HOLI, RINO, FCX, ACL, REV, TX, UIS, BBY, PCLN, CAAS, NARA, HEAT, DLB
Bearish Watch:
WFMI, AYE, PVA, UNT, LUK, NTRS, OIS, WINN, HOT, FE, CNW, ITG, ERTS, MCO, MET, CYT
The Hit List will be coming out soon with discussion on open positions and swing trade stops and targets, so be sure to watch for it.
