Good evening StockBandits!
Positive news out of Dubai paved the way for an upbeat open this morning, but it wasn’t long before the excitement fizzled out. With the President speaking today and an FOMC announcement on interest rates right around the corner (Wednesday), traders chose to proceed with caution. As a result, momentum was sparse, and yet again we saw the bulk of the intraday price action characterized by a choppy trading range.
The one positive that came out of today’s action was that we finally saw breakouts occur on a closing basis in each of the averages as the NAZ closed above 2205, the S&P 500 above 1113, and the DJIA above 10,500. That’s encouraging to see, but even that was not quite ideal since the indexes finished only a short distance above those levels and did so on light volume. It is possible that we see limited follow through to today’s technical breakouts ahead of Wednesday’s big event, so it’s still a time when caution is warranted.
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: STX, MON, F, RIG, MBT, GOLD, ACL, HCP, CREE, LNCR, PBR, GG, BVN
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
ACL, HCP, F, SWSI, WY, CBT, VNO, BEAV, PSS, CLI, GIL, FMCN, CREE, LNCR, TSTC, CAGC, CAR, SLXP, KLAC, LRCX, VISN, STX, MON, INFA, DTG
Bearish Watch:
CEDC, CNX, RIG, MBT, DO, PBR, GG, BVN, SLW, GDX, RGLD, GOLD, AEM, USO, BTU
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.
