Good evening StockBandits!
Greece again set the tone today as stocks gapped higher on news that more bailout money could be accepted. The opening strength faded a bit into mid-morning, but true to form, the dip-buyers stepped in to support prices and the lows of the day were seen. From there, we saw a rally into the afternoon as the indexes again posted solid gains.
The NAZ lifted within its channel, while the RUT erased Friday’s losses and the S&P 500 and DJIA both returned to within spitting distance of last week’s highs. There’s room to lift further if the bulls want it here, although as of yet we’re still waiting to see across-the-board breakouts the way we did a couple of weeks ago.
Today marked the 12th straight session in which the low of the day for the NAZ was set either in the morning or by mid-day. That points to consistent afternoon buying, which is not only a reminder of what’s been the best time of the day to get long, but also that we’ve yet to see even a minor change of character. That could occur at any time, but while the trend’s intact, it’s important to trade primarily in that same direction.
There are some good setups out there which need a bit more time – including a ton of bullish charts with uptrends galore – but my focus will be on a limited list of names for tomorrow’s session. My open swing positions (scroll down to see the Hit List post for tonight with comments on positions) offer a fair amount of exposure at this point with the senior indexes struggling to get free of some key levels, so in terms of new trades I’ll be focused on day trades in tomorrow’s session.
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: ROVI, GRA, DRIV, WYNN
Swing Trading Candidates:
NONE TONIGHT
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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.
