Good evening StockBandits!
The streak of 12 straight sessions with the low of the day being set at or before mid-day was finally broken today, although the dip-buyers still made their regular appearance. The indexes started out slightly lower this morning before trending quietly down for most of the session, only to end the day with a big burst of buying which erased the day’s losses.
The end-of-day spike was just the latest in a series of reminders that the dip-buyers are still out in force. The bulls have been in the driver’s seat for over 8 weeks now, and as of yet that hasn’t changed. I continue to think the long side is the one to be trading on for the time being, at least until conditions change – and at some point they will. For now, I’m staying selective with new setups and primarily sticking with abbreviated timeframes for new trades. There is a lot to cover in the video tonight, so let’s get to it.
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: SFLY, APC, DHI, MHK, TEN, NOV, CAT, SIVB, TER, ONXX, GRA
Swing Trading Candidates:
GRA has been putting in some healthy rest within its uptrend with the creation of this ascending triangle pattern. A breakout through resistance would happen at $56.10, so I’ll be a buyer if that level gets cleared. As with all swing trades, my stop and target levels for this stock are on the Hit List here inside the Hideout.
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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.
