Good evening StockBandits!
Tuesday’s weak finish offered no compelling reason for the buyers to produce follow through today, so instead we saw a technically insignificant day. Some selling pressure took the market to its lows of the session mid-morning, and from there a slow grind higher continued into mid-afternoon, but a big surge of buying never kicked in. The market slid gradually into the closing bell, leaving the indexes little-changed on the day.
It’s too early to tell whether today’s lack of follow through signals an end to the bounce which began on Friday, or merely some indecision at this point. The lows set last week are still intact, although it wouldn’t take much to revisit them (or break them). This market is clearly struggling to find its identity of late, leaving the lingering question of whether the correction will continue or not. The upside is certainly finding few takers, so it’s still wise at this point to exercise caution – particularly while mixed signals are still being given by price and volume.
One final note is that I will not put out a newsletter Thursday night this week, as I will be traveling. We also have a long weekend with the market being closed on Monday in observance of the Presidents Day holiday, so we’ll be back to the usual schedule starting Monday night.
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: EL, IBM, YGE, CNXT, MGA, IVN, AMT, TSL, PCX
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
MGA, PFCB, NDN, EL, CNXT, BEXP
Bearish Watch:
H, TECD, F, IOC, OIS, YGE, PVH, AMT, MDVN, TSL, OSG, PCX, JOYG, IBM, KCI, PLXS, GCI, FCN, MELI, IVN, RL
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.
