Good evening StockBandits!
No downside follow through was seen today after Tuesday’s pullback on expanding volume. Rather than see continued profit-taking, the bulls were able to prop up prices for another day, although the short-term highs are still intact. Today’s volume was light, which is something we’ve seen quite a bit of lately, pointing to a continued lack of institutional involvement.
The indexes now find themselves in short-term trading ranges, which shouldn’t persist for very long due to the narrow nature of them. The highs of a few days ago mark the upper boundaries, while yesterday’s low marks the lower boundary. Those are the levels I’ll be focused on heading into tomorrow, and until we see this market being able to show some better follow through, I’ll be looking to limit my activity. I would expect that to change shortly, but as of tonight there just isn’t much momentum in either direction yet.
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!
–
Video Stocks Discussed: WLP, GD, LZ, RL, SPG
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
RAX, FOSL, CMG, CAKE, APL, WLP, JDAS, IT, SMCI, TCO, DPZ, DGIT, LCAPA, APH, HUN, GD, LZ
Bearish Watch:
FSYS, PKX, PBR, TIF, RL, SWM, ATW, IMA, SLB, SPG
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.
