Good evening StockBandits!
This morning we saw a bit of a weak start to the day, as the indexes gapped slightly lower. The weakness didn’t last long though, and shortly after we had filled the gap. From there we saw a steady intraday uptrend take the market positive before the final few hours of trading where the market simply held its gains.
Tonight we’re once again sitting at new 52-week highs, and once again it’s as a result of not a banner day but simply another modest advance. The dips continue to get bought, but new highs still aren’t yet producing the blow-off, upside runaway price action which may eventually arrive. Call it a slow uptrend if you will, but just don’t get caught short for very long.
Tomorrow we have options expiration ahead of a long holiday weekend, which could bring with it a little more lively price action. Regardless of which way we head, it’s important to keep in mind that if things start to slow down in the afternoon not to force trades. Many will be stepping away from their screens if the market stagnates ahead of the long weekend, so it will be easy to overtrade if there’s no real momentum present. My focus will be on a handful of day trades, along with some tightened stops for my swings (so be sure to check the Hit List post for updates there).
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: WYNN, BMC, PNRA, RAX
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
DIS, APC, FTK, AGU, BSFT, RCII, APKT, PAY, RVBD, KKR, OPEN, RAX, WYNN, CLR, MOS, RES, AA, TEX, IPI, SWK, LULU, SWKS, MOLX, ONNN, BMC, CTXS, CSX, PTEN, PNRA, WSM, EMN, ICE, ONXX, VECO, FTNT
Bearish Watch:
MCP, TCK, ALV, COH, CCL
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.
