Good evening StockBandits!
A slightly negative open this morning set the tone for the day, and the indexes never were able to recover. Despite the fact that they never touched positive territory, the downside was contained quite well, offering the appearance of a buyer’s strike rather than any intense selling. The intraday trend also reflected that, as no downside momentum was ever seen. The S&P 500 set its low for the session in the opening minutes and simply hovered above that level for the remainder of the day.
Today’s action of course keeps the recent trading ranges very much intact, and as we slide a little further from the highs it reminds us again of the importance of breakouts which happen on a closing basis. I discussed that last week with the failed attempts to clear resistance, and it’s still an important issue this market is facing. No technical damage has been done, but if the bulls want to make a year-end run, it’s going to have to start with a close above 1113 (S&P 500), 2205 (NAZ) and 10,500 (DJIA). Until then, the action could remain choppy and trendless.
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: TSTC, ALB, MRX, VMED, SEED, SMN, SWSI, SLXP, AXP, XOP, NFX, PXD
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
ACL, NANO, CGA, TSTC, VMED, HLF, SEED, VISN, IOC, SMN, SWSI, ALB, MRX, WX, VECO, CBT, SLXP
Bearish Watch:
WFMI, AXP, UNT, PVA, MEE, UPL, ILMN, UNM, NOV, XOP, MTL, NFX, LNC, PXD, ATLS
The Hit List will be coming out soon with discussion on open positions and swing trade stops and targets, so be sure to watch for it.
