Good evening StockBandits!
An upside gap was held today as morning strength was followed by additional buying. The indexes peaked late in the morning, pulled back to test the opening lows, and then finished just a short distance from their highs as once again even an intraday dip was bought.
Today’s strength took each of the indexes to new multi-year highs, serving as yet another reminder that the trend is up. We’re still headed toward the next resistance levels I’ve pointed out, and possibly beyond.
To predict where this market is going is just as pointless as predicting when we’ll roll over, and it’s important to note here (again) that it isn’t our job as traders to predict. Trends can last much longer than many expect, so whenever we find ourselves in the midst of one – even if it seems a bit long in the tooth – it’s our job to trade it.
Right now that means taking clean setups, primarily on the long side, while still managing risk with stops and booking profits along the way. As long as we’re doing that, we’ll be effective and able to participate in the trend. And when technical evidence does surface to suggest we’re changing directions, we’ll recognize it if we’re paying close attention to the charts.
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!
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Video Stocks Discussed: LULU, RVBD, OPEN, RAX, WYNN, PTEN, EBAY, RCII, CLR, EMN, TCK, COH
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
DIS, FTK, RCII, LO, PAY, RVBD, OPEN, KKR, RAX, WYNN, CLR, NKE, VRUS, BAC, CELL, AA, SWK, LULU, AVL, MOLX, ONNN, HES, BMC, CXO, NG, CTXS, CSX, FSLR, PTEN, SFSF, EBAY, CVLT, WSM, EMN
Bearish Watch:
BVN, TCK, AMZN, ALV, COH, BAP
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.
