Good evening StockBandits!
The market gapped slightly higher this morning to kick off the shortened week on a positive note, and more buying quickly followed. In fact, in the opening few minutes, the market had essentially made its move for the day, and for the remainder of the session it stayed within a narrow trading range.
The NAZ led the way with a multi-week breakout, getting well clear of the trading range which has held it captive lately. Meanwhile, the S&P 500 and DJIA each stayed beneath their highs, gaining some ground but stopping shy of new high territory.
The absence of follow through today was a reminder that shortened timeframes are likely best right now, so heading into tomorrow I’m sticking with day trades once again.
Friendly reminder: I’ll produce the Bandit Broadcast through Tuesday, December 22nd, and then be done for December. I always take off the week between Christmas and New Year’s, but have no intentions of returning to trade on New Year’s Eve since it’s such a quiet day. The end of the year is a great time to reflect, rest, and renew goals for the coming year, so I’d encourage you to do the same. I also wrote about this on the blog. This way, we can hit the ground running from the very beginning in 2010.
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: MCO, LULU, HOT, WSM, SWK, ABV
Swing Trading Candidates:
NONE TONIGHT – Will add swing trades again starting in January, but end-of-year cross-currents tend to impact traditional technical analysis so I’ll hold no more positions during December.
Bullish Watch:
NSC, NTRI, VNO, RMBS, SLG, GIL, CREE, TSTC, VISN, H, VMED, HXL, UAUA, ALK, MCO, HUN, IMAX, JASO, LULU, BID, HOT, WSM, SWK, IVN, BCSI, PAY
Bearish Watch:
WMS, BIDU, IAG, RGLD, AGQ, NEM, ABV, PWRD
There will be no Hit List tonight as we are 100% cash in terms of swing trades. Once we have open positions again on an overnight basis, Hit List posts will resume.
