Good evening StockBandits!
The indexes put in some needed rest today with mixed results and minor net changes. Following the recent spike higher, every day of rest counts, and today was no exception. And true to form, the bulls made their presence felt even on a quiet session – not by producing a big advance, but by simply holding their ground and not allowing the market to retrace what’s recently been gained.
Another day or two of rest would certainly benefit the market, but it’s a one-day-at-a-time environment right now with the headlines providing the tone for any given session. Many individual charts are starting to set up with patterns, which should leave me with a number of candidates in the days ahead – barring any abrupt change of character for this market.
Tonight I’ll cover some of the developing setups, as well as those where I’ll be placing my attention tomorrow. There are some longs and some shorts, so with a mixed bag that may be a good thing, particularly if the indexes continue to rest. Regardless, there will be standout stocks in both directions, so as traders it’s important we keep an open mind when working our watch lists as well.
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!
Video Stocks Discussed: CYT, PH, CRZO, ATI, VRX, SHLD, APA, FSLR, SFLY, VMW, GS
Swing Trading Candidates:
GS has established what appears to be a higher low, and has exhibited some nice momentum of late. A brief rest here has created a pivot for continuation, so I’ll be using that as a technical entry at $102.50. This one has plenty of room to run further, so I like the potential vs. risk with this setup. As with all swing trades, my stop and target levels for this stock are on the Hit List here inside the Hideout.
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.
