Good evening StockBandits!
What appeared to possibly be an exhaustion move on the downside last Friday resulted in a hefty bounce off the session lows, and it carried over into today’s early action. This morning, we saw each of the indexes spend some time creeping up, but the pace of the advance was weak and so was the volume. Ultimately, the strength was sold and the market finished another session in the red.
We’re at a tricky spot right now, for a few reasons. First, the market needs to bounce and/or consolidate, but the volatility of the past few days has not allowed either to take place. Second, the volume levels are sending mixed messages. It was consistently heavier on the downside than it was on advancing days, until the last two sessions when that was tossed out the window. Finally, there are very few setups of high quality worth trading, at least not for anything more than quick flips. So I’m exercising a lot of patience heading into tomorrow, awaiting clearer signals and keeping my timeframe brief for new trades.
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: PFCB, AMZN, AXP, CSIQ, YGE, SNDA, CAT, LH, ABFS
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
LNCR, SHLD, PRGO, SNDA, PFCB
Bearish Watch:
CAT, UTX, AVY, AVB, LH, CSIQ, AMZN, YGE, ESI, ABFS, AXP
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.
