Good evening StockBandits!
After Monday’s huge run, stocks took a breather today. The indexes finished mixed with minor net changes, making for a day of digestion. That’s a healthy way for the bulls to handle Monday’s big gain, as it shows they aren’t overly anxious to sell into the strength. The gap from yesterday morning was held, and that also gives us a short-term level to keep an eye on for some support.
The 7-day decline and then the big gap up Monday leaves few charts worth noting at the moment, although that’s a cleansing exercise for watch lists which is not at all bad. Some additional stabilization here could add to the notion that a higher low was just established, so I’m still waiting to see how that pans out. In the intermediate term though, that’s definitely a positive.
The biggest key here is not forcing trades. Because we’re seeing some movement here, it’s easy to rush out and try to participate. However, the individual charts are pretty few and far between, and that’s a reminder that it’s wise to let the charts come to us and take what the market’s offering, rather than to force trades out of fear of being left behind.
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: JAZZ, RYL, ARUN, MPC, DV
Swing Trading Candidates:
NONE TONIGHT
[table “175” 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.
