Good evening StockBandits!
It seems traders’ minds were elsewhere today as the first trading session after Christmas inspired no significant net changes in the indexes. We saw a weak start followed by a choppy recovery, but momentum was absent, not unlike some traders in NYC I suppose with the blizzard up there. Whether it was the lack of news flow or traders simply sitting on their hands, it was an extremely quiet session and the increased volume I was expecting to see this week has yet to arrive.
We’re still right between Christmas and New Year’s, and the bulls are still defending the market by not allowing any significant dips. We still have year-end cross-currents in effect for these next few days, and so with the very light volume we’re seeing I feel it’s best to take a limited list of setups into tomorrow’s session. Each of those, by the way, will be for day trades as I’m not looking to add any swing exposure here in the midst of this drifty price action. Once the market starts showing better liquidity, I’ll likely start adding more overnight plays, but right now I’d rather take a few quick-hit trades and wait for better conditions for movement and activity.
By the way, I’m traveling at the moment to spend some time with family, which is why I’m utilizing the written format instead of the usual video in case you were wondering. Hopefully you’ve been able (or will soon be able) to spend some time with those you love the most this holiday season!
For tonight, my notes are on the charts below for index levels and potential trades I’m eyeing for Tuesday, and as you see I’m keeping it pretty light. If volume is able to kick back up tomorrow, I may consider some swings in the days to come, but at the moment I’m looking to day trade right now since it’s the holidays and we’re still seeing such light activity in the market.
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:
MGM, LVS, WFC, SLV, ATML, PCX, MON, APC, RVBD, TCK, FNSR, IR, CCJ, FCS, BYD, VMW, AMP, BMC, ALXN, BID, JRCC, PEI, WBC, NAK, DHX, SRCL, TRLG
Bearish Watch:
BVN, UA, KMX, TIE
The Hit List contains stop and target levels for my swing trades.
