Good evening StockBandits!
The indexes each nudged past Wednesday’s highs today but backed off their best levels, with only the NAZ able to hold onto a slim gain on the day as the others gave back minimal ground. Ultimately, it goes down as a rest day for a market which appears understandably fatigued after sprinting on Monday and Wednesday to the tune of 7-10%, depending on the index.
It’s been an impressive run, and today’s rest was a healthy event. The bulls maintained their presence by not allowing the market to sell off much. We may yet see some more intense profit-taking, but with considerable distance to last week’s lows, this market now has some room to pull back without doing any real technical damage.
There’s still a shortage of individual setups due to the 7-day selloff which preceded this quick ramp higher, as tons of stocks have V-shaped patterns in the short term. A little rest and even a minor dip from here would do wonders to create some setups, so even a couple more days of rest like today would prove beneficial for the construction of some new patterns and bases.
For Friday I’ve got a limited list of setups, each of which look best for single-day moves, so I’ll plan to head into the weekend in cash.
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: JVA, CTRP, BAS, CROX
Swing Trading Candidates:
NONE TONIGHT
[table “177” 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.
