Good evening StockBandits!
Mixed and drifty are the best words to describe today’s action, as momentum was fleeting and volume sagged across the board. I mentioned last night that we could see exactly that this week, and so far we’re 1-for-1. Such is the case during holiday-shortened weeks though, as traders have other things on their minds and other places to be – just as they should on Thanksgiving. Nonetheless, the action was limited and the indexes for the most part continue to deal with short-term resistance areas just a short distance above.
Although it didn’t prove to be a technically significant day, some quiet consolidation is never a bad thing. It helps to establish some bases in the charts of individual stocks, thus opening up some opportunities once we do see momentum return. The biggest key is to endure the listless action and remain patient while waiting for more lively action to arrive.
I’m doing my best to do that right now, and again my list is somewhat narrow for Tuesday’s session. I’m eyeing some longs and shorts, and mostly day trades with one new swing candidate. As the volume continues to dwindle these next couple of sessions, it will be important for us to make our trades count and exhibit a willingness to limit our activity unless better momentum surfaces.
As a reminder, for a short time longer I’ll be utilizing the written format of the Broadcast as I get the new office set up with the equipment I use for recording the nightly video. Once that’s ready, I do expect to be back to the usual video format. To those who prefer the video, thanks for your patience.
Additionally, my wife & I are expecting our 2nd child sometime in the next 4 weeks, and our first child arrived 4 weeks early. So, ideally this baby holds off a few more weeks, but if I happen to fall off the radar for a couple of days, you’ll know why. Currently there are no signs to suggest that will happen, but with babies you just never know!
For tonight, my notes are on the charts below for index levels and potential trades I’m eyeing for Tuesday.
Please leave your comments and/or questions below if you have any, I always enjoy the interaction.
Swing Trading Candidates:
IVN has established support in the $23 area in recent weeks and just tested it successfully again last week. The stock has stabilized after its recent pullback, and now is challenging the descending trend line just overhead. I’ll be a buyer for a swing trade if this one can clear the $24.75 level, as that would free up this stock to advance again. As with all swing trades, my stop and target levels for this stock will be on the Hit List post here inside the Hideout.
Day Trading Candidates:
These are the trades I’m eyeing for potential plays tomorrow. I will not be holding these overnight, and will wait for these levels to be crossed before entering trades.
Bullish Watch:
NOAH, AMR, GSM, XEC, ATHR, OSG, OAS, KMX, VRSN, TSLA, IMAX, BEXP, WTI, IRF, IVN, WCC, TGA, DDS, AMCN, CVG, SODA, SM, DAR, CREE, VSH, JCG, COST, NG, VECO
Bearish Watch:
V, OFC, CSC, JOE, HCP, URE, TSL, FSLR, MOS, TCO
The Hit List contains stop and target levels for my swing trades.
