Good evening StockBandits!
The bulls seemed to have other things on their minds today, although they managed to produce modest gains in the indexes (with the exception of a minor downtick in the DJIA). The intraday action was somewhat subdued, although we did see a bit of afternoon strength. Narrower ranges were seen in each of the averages, along with lighter volume. Overall, it made for yet another day where the market was able to made modest progress while still putting in some essential rest. We didn’t really run past Friday’s highs, but upticked and then churned on lighter volume – a great way to digest last week’s advances.
My focus for Tuesday in the way of new trades is going to be on day trades, with only a few on my radar. I’ve still got several swing positions on, despite getting stopped on one today and booking profits on a couple more. Details there are on the Hit List here inside the Hideout, but my point is that I’m doing my best to stay positioned for a continued move higher, should it occur. I’m comfortable with the stocks I’m holding tonight, and not looking to add during tomorrow’s session for anything but short-term trades (if they trigger). I expect we’ll see more swing setups emerging soon, but I just didn’t see anything tonight in the charts that I can’t live without. As always, it’s important to let the best setups come to us, rather than lowering our standards or forcing trades in an attempt to “just get in” something.
Tonight I’m going with the written format rather than the usual video as I was midway through producing tonight’s Broadcast when my primary PC had a hard drive failure. Fingers crossed, I have a backup drive which should leave me with only a minor inconvenience, and the system is under warranty, but let me remind you to back up your files regularly! If a hardware failure’s going to happen, it will happen at an inconvenient time like on Valentine’s Day when you have a date with your wife! 😉 All good though, enjoy your night & go get ’em Tuesday!
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.
The Hit List will not be posted tonight as I am 100% cash overnight and there are no new swing trades for Tuesday. The Hit List typically contains stop and target levels for my swing trades.
