Good evening StockBandits!
Another weak start this morning sent stocks tumbling, but once again as the S&P 500 approached short-term support, the market stabilized and the low of the day was in. Each of the indexes lost ground today, and they remain in the lower portions of their respective trading ranges as of tonight.
Of utmost importance here is how the bulls respond. They’ve been the drivers of this market ever since the August pullback when a higher low (vs. July) was established. From there, the buyers have been at work consistently, but they’re facing a challenge here with the possibility of a secondary pullback if short-term support gets broken. The news flow is ripe with reasons for concern, from Europe to Korea, but there’ll be no shortage of domestic economic headlines to draw the focus back home between now and the end of the week.
Many charts have put in sloppy bars over the past couple of sessions, which is to be expected with increased volatility within a trading range. My intention for Wednesday’s session is to stay selective and generally wait to see if the indexes show any hints of an exit from this range.
**As a reminder, my wife & I are expecting a baby in the next 3 1/2 weeks and our first arrived 4 weeks early. So, I may drop off the radar suddenly whenever this baby decides to arrive. If I do, fear not – I will resurface with an update shortly after!
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!
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Video Stocks Discussed: NG, PUDA, ANV, KMX, LULU, VMW, MMM, WYNN
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
ANV, GPS, OAS, KMX, WMS, LULU, CODE, TSLA, X, SM, MDR, NG, THQI, CLR, BTU, SMT, VMW, PUDA, APC, LTD, MWW, BYI
Bearish Watch:
MMM, BIDU, MCP, WYNN, NHP, ARG, WHR
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.
