Good evening StockBandits!
Stocks pulled back this morning, but once again we saw dip-buyers step in to provide support and an afternoon lift which took the indexes positive by the closing bell. The day’s gains were far from impressive, but it was a solid performance by the bulls to again display their presence as buyers of weakness.
Overall, this churning action we’ve seen in recent days gives the market some rest without forfeiting much ground, and that’s a technical positive to add to the strength we’ve seen since the early-October low. This rest phase is allowing more charts to set up with bases and narrower patterns which could develop into multi-day swing candidates, so I’m encouraged by what I’m seeing.
The indexes still remain beneath some important levels, but they’re holding their ground well for now and that leaves me uninterested in shorting anything other than weak names. Primarily, my interest will stay on the long side given the underlying bid beneath this market.
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: JNPR, HAR, HAL, UHS, SFLY
Swing Trading Candidates:
NONE TONIGHT
[table “162” 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.
