Good evening StockBandits!
Last week we saw the indexes primarily move sideways, as only incremental gains were seen. The big 3 edged their way toward new recovery highs, but again hesitated to take off and run given the recent routine of pullbacks being bought with greater aggression than breakouts.
The big level at this point is S&P 1370, which has been approached but not yet cleared. That’s the May 2 high from 2011, also known as the Bin Laden top, and we’re seeing it respected of late. The NAZ and DJIA have marked new 52-week highs, but have rested by correcting in time rather than price. That leaves room for acceleration higher, but as of yet we’re simply seeing the slow grind continue.
Selectivity remains important for new plays at this point. The rally remains long in the tooth, but uptrends are still present. As usual, timing is the key, and at this point I’d rather be buying pullbacks than breakouts in general. There are plays I like here for short-term pops, but no setups for Monday which look to have the multi-day potential I’d prefer to see for new swing 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: APC, GS, BHI, ANR, DVN, PFCB, MMM, SINA
Swing Trading Candidates:
NONE TONIGHT
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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.
