Good evening StockBandits!
Monday’s bounce left plenty to be desired for the bulls, as not only was it only able to recover a fraction of Friday’s decline, but the volume was light as well. Today, that may have been of some benefit to stocks. Rather than see the reversal which so often follows a big spike higher, the gradual rebound continued today. An early test of the downside failed to entice the sellers, and a steady lift followed for the remainder of the session. By the closing bell, the major averages were higher by another 1%, with the NAZ stopping just shy of that mark.
The complaint made by the bears is that the market had become very oversold and was due for a bounce. Furthermore, the light volume and limited upside in price gives the impression it wouldn’t take much for this bounce to fail. And those are valid arguments. The bulls, on the other hand, are pointing to today’s follow through as a glimmer of hope that perhaps the worst is over. To say the least, it should be an interesting battle these next few days as we see whether or not last week’s lows will be able to stick.
Please leave your comments and/or questions below if you have any, I always enjoy the interaction.
Here is tonight’s video:
The Bandit Broadcast Video – Click to Watch!
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Video Stocks Discussed: XCO, IOC, UTX, ITRI, TECD, MCO, MNTA, SHLD, COF, CAT
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
MMR, UTHR, AMGN, GNTX, ACXM, SHLD, MCO, MNTA
Bearish Watch:
TTEK, KLAC, MOS, TECD, COF, ITRI, CAT, UTX
The Hit List will be coming out soon with discussion on open positions and swing trade stops and targets, so be sure to watch for it.
