Good evening StockBandits!
Last week’s decline found buyers yet again today as Monday morning optimism set the early tone. An upside gap started the day, and the bulls quickly added to the initial gains with a sharp run up right after the bell. That run marked the highs of the session though, as a steady but shallow pullback set in for the remainder of the day. The indexes were able to hang onto the majority of their gains though, and in the end solid advances were posted.
Today’s action took the DJIA to new recovery highs, and the senior index continues to lead the way with recent strength and the shallowest pullbacks. The S&P 500 nearly tagged last week’s high of 1113, stopping just a point shy of it, while the NAZ essentially filled the gap from Thursday of last week. This leaves the indexes I care the most about (NAZ and S&P 500) in short-term consolidation phases, which could easily be built upon to the upside – particularly with the light holiday volume we’ll see as the week wears on.
My plan is to keep it pretty tight these next few days, sticking with only short-term setups and smaller size due to the lighter participation. Wednesday before Thanksgiving is often one of the lightest-volume full sessions of the year, plus I’ll be traveling, so there will be no Broadcasts for the remainder of the week. The next full-version Bandit Broadcast & Hit List posts will come on Sunday. I will check in with the occasional update, but I personally don’t plan to trade beyond Tuesday and it’s a great time to step away from the market and spend some time with family and friends.
Here is tonight’s video:
The Bandit Broadcast Video – Click to Watch!
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Video Stocks Discussed: UIS, CAAS, FE, CLR, UPL, FLR, RAI, ACL, TXT, SNIC, HRB, AMAG, WYNN, ENER
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
RAI, ACL, REV, UIS, PCLN, CAAS, TXT, NUS, SNIC, BAC, VMED, CHKP, HRB
Bearish Watch:
FE, ERTS, MCO, CLR, UPL, SNDK, AMAG, WYNN, FLR, ENER
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.
