Good evening StockBandits!
Today was the much-anticipated Fed day, and it proved to be a non-event. Not only did the averages finish just a few points from Tuesday’s closing levels, but no intraday momentum was ever seen. Although the FOMC announcement did prompt a little profit-taking, it was very minor and orderly.
The market remains in a trading range, and traders continue to show a lack of interest in the market. Strength has struggled to find follow through, and yet the dips are still getting bought. As a result, the standoff continues between buyers and sellers while the clock keeps ticking.
We’re getting into the final 2 weeks of the year now, and the factors I mentioned on November 30th are very much in play between now and New Year’s. I’m reminding myself, as well as you, that this is a time when unusual cross currents are at work. The way to respond is to take it in stride and stay selective, particularly while the technical picture is showing no momentum. This will pass soon, but the key is not to force anything until then.
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: HEW, AGU, CSX, RGLD, WYNN, NFLX, OSK
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
CHKP, VNO, SLG, FMCN, CAR, HEW, VMED, APWR, ALK, MDVN, MCO, JOE, TSRA, AGU, MOO, CSX
Bearish Watch:
PBR, GG, BVN, GDX, RGLD, WYNN, ANF, TS, HOG, NFLX, OSK, BAC, PNC
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.
