Good evening StockBandits!
Following some weak closes in the past three sessions, the market would have been justified for some profit-taking today to bring it further off its highs. However, the buyers were back to work defending their positions, leaving the market just a short distance from its highs by the closing bell.
Today’s gains weren’t impressive by any stretch, but merely another reminder of the underlying bid beneath this market right now. No telling what the cause of that is, nor does it matter. The trend is up and we’ve seen some rest in the past few days, and it could be that we see another push to new highs as soon as tomorrow. If so, a close in new high territory will be important from a conviction standpoint.
Tomorrow we have the final options expiration day of 2010, and we’re in the second half of December. The combination of those could quite easily bring some erratic price action as unique motives enter the fray, and having been whipped out of some swing trades this week I’m not interested in adding overnight exposure on Friday. As a result, I’ll be looking to day trade just a few select names, waiting for my triggers before taking action as usual.
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!
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Video Stocks Discussed: RS, GE, DECK, MOS
Swing Trading Candidates:
NONE TONIGHT.
Bullish Watch:
AMG, LULU, GPC, RS, GTI, SODA, AMTD, CXO, DECK, TWI, JNPR, CERN, LEDS, QLIK, GIII, TEN, RAH, NXPI, GE, RBC, SCHW, CBS, AMP, WLL
Bearish Watch:
MOS, AGU
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.
