Good evening StockBandits!
The indexes continued their slow grind higher today with gains across the board, taking each of them to new highs. As expected on a holiday week, we saw volume diminish from yesterday’s levels, and despite the strength out there, that’s likely to continue as we head toward the final session of the week on Thursday. Anytime we see price go up and volume go down, it’s not technically ideal, but in the situation of a major holiday week it’s to be expected. Nonetheless, the buyers are still doing their thing, and apparently the sellers have no interest in asserting themselves ahead of Christmas.
With the volume likely to diminish in the next couple of sessions, I’m not looking to initiate any new swing positions ahead of Christmas. I entered ISIL today (as per the Hit List post), but otherwise my attention for Wednesday will be on day trading. For Thursday, I only intend to trade the morning, as I am expecting the action to be rather quiet as the day progresses.
For Wednesday though, it’s easy to overanalyze the action here but I find it’s best to just look at it as an uptrend that’s persisting, plain and simple. I don’t want to fight the trend, so I’m considering some long-sided trades for tomorrow and will look to be out of them by day’s end at the latest, keeping tight stops and looking to ring the register on gains rather quickly.
For tonight, my notes are on the charts below for index levels and potential trades I’m eyeing for Wednesday.
Please leave your comments and/or questions below if you have any, I always enjoy the interaction.
Swing Trading Candidates:
NONE TONIGHT.
Day Trading Candidates:
These are the trades I’m eyeing for potential plays tomorrow. I will not be holding these overnight, and will wait for these levels to be crossed before entering trades.
Bullish Watch:
ICE, CIEN, MIPS, SOHU, LNCR, SFY, MELI, GPC, MCHP, MEE, ISIS, MFC, FCS, HUN, CNQ, BLL, NAK, PPO, ISIL, SLV, CAM
Bearish Watch:
MA, UA, VECO, LVS, MCO, DRIV
The Hit List contains stop and target levels for my swing trades.
