Good evening StockBandits!
Wednesday’s downside reversal was forgotten today as stocks opened flat, chopped around briefly, then vaulted higher to completely erase yesterday’s decline. That meant a new recovery high for both the NAZ and S&P 500, and left the RUT and DJIA each just a few points from their short-term resistance areas.
If there’s been one thing that’s characterized this market for the duration of this 9-week uptrend channel, it’s how aggressively dips have been bought. New highs have not seemed to produce the same enthusiastic buying as the dips have, and Wednesday’s pullback was another example. The bulls now have yet another opportunity here to create some upside acceleration, so the big question is whether or not they’ll stomp on the gas and propel the S&P 500 to new highs past 1370 from May of last year.
There are a ton of individual stocks with uptrends and bullish setups, so tonight’s difficulty was in narrowing the field down to a manageable list. Ultimately, it boiled down to the stocks which are either beyond earnings (for swings) or have some potential for explosive moves (for day trades). I’ll point them out tonight along with my intended timeframe & rationale behind the trades.
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: CTRP, SOHU, JLL, WFM, RCL
Swing Trading Candidates:
WFM popped on earnings recently and then in the past few days has done a nice job of resting and digesting that move. I’m watching the trend line at $80.90 for a break to signal a buy as this one gets back on the move with some room to run higher. As with all swing trades, my stop and target levels for this stock are on the Hit List here inside the Hideout.
RCL has held its breakout from the long-term downtrend line several weeks ago and has been working higher. Here it sits beneath a short-term trend line, which if broken, offers another pivot for a buy. I’ll get long for the next leg up if this one clears $30.75. As with all swing trades, my stop and target levels for this stock are on the Hit List here inside the Hideout.
[table “224” not found /]
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.
Where do these comments go? I can’t see any comments from other people.
Oh there it is.
Hey Justin, for whatever reason most people just prefer email when they have questions, but beneath the posts are where they’ll appear and I’ll of course get to them if someone else doesn’t.
I wonder if you can just get it to say our first name only, then more people would discuss out here. I think people are rightly afraid of being Googled.
That might be an option, but FYI Google cannot access the member area or comments as it requires a membership, so the member pages are therefore not indexed by Google or any other search engine.
I mean members Googling members’ names.