Good evening StockBandits!
A gap up this morning took the indexes back to the upper end of the trading range and suggested this might be the day the bulls have been waiting for. Breakout territory was only a few points away, and yet a dead sideways trading range was all they could muster for the rest of the session. The lack of momentum delivered an incredibly tight channel, with buyers and sellers at a complete standoff for several hours. Even as the final hour of the day arrived, all we saw was a minor dip followed by a bounce.
This kind of lackluster action is exactly what has perpetuated the trading range for the past few weeks, and the failure to capitalize on a breakout opportunity suggests the bulls still aren’t ready to start another run. For now, the market is holding up well. However, the lack of follow through remains an issue, as most stocks are simply limited in their capacity for lasting moves as long as the range persists.
Please leave your comments and/or questions below if you have any, I always enjoy the interaction.
Here is tonight’s video:
The Bandit Broadcast Video – Click to Watch!
–
Video Stocks Discussed: ACL, F, WMS, AIG, RINO, RYL
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
ACL, TTM, F, UAUA, SBUX, CREE, SWSI, RRD, CBT, TEG, MDVN, TECD
Bearish Watch:
FCX, WMS, PEET, VMC, AIG, JEF, RIG, RYL, RINO
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.
