Good evening StockBandits!
Last night I mentioned that although the indexes had each posted closing breakouts by finishing above key levels, they weren’t out of the woods yet. That cautious stance was based on the fact that volume wasn’t exceptional on the breakout, nor was the upside momentum as essentially the bulls simply maintained prices above resistance levels. Today we saw those levels given up with ease, as prices fell right back down into the recent trading range.
This indecisive action is likely being influenced by tomorrow’s scheduled FOMC announcement on interest rates, as anytime the Fed comments on the state of the economy the market pauses to listen. It’s usually not so much what the Fed does, as it is what they say, and tomorrow’s 2:15pm ET announcement is likely to be a market mover one way or the other. For tonight though, my plan is to remain short-term with new plays, maintain current swing trades, and stay selective until we get a solid break from this range.
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!
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Video Stocks Discussed: ACL, HEW, PBR, CEDC, RGLD, WYNN
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
ACL, F, CBT, VNO, GIL, LNCR, CAR, KLAC, LRCX, VISN, DTG, STX, RRD, HEW, H, AMSC, SANM
Bearish Watch:
CEDC, LNC, CNQ, STT, PBR, AU, GG, BVN, GDX, RGLD, IAG, GOLD, SLW, WYNN, VMW, PRU, ORLY, AGO, ANF, PCAR
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.
