Good evening StockBandits!
A gap up this morning set the stage for a day of upside, providing stocks with a head start in the green. After some mid-morning profit-taking, the buyers moved right back in, sending the market to its best levels of the session. The indexes backed off slightly from there into the closing bell, unable to finish strong. It was the best rebound we’ve seen since the January highs were put in, but the light volume and afternoon profit-taking make it difficult to trust.
Just as one decline does not make a weak market, neither does one day in the green make a strong market. It seems as though the market is attempting to carve out a new area of support over the past few sessions. We can of course consider the lows from last Friday as the lines in the sand, but what will also be important to monitor is how far this bounce carries and if it gets used as another opportunity for the bulls to raise cash.
So at this point, the bounce from the pullback lows is still underway, but the market is by no means out of the woods.
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: EL, IOC, LH, ABFS, SINA
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
MGA, LYV, PFCB, TPX, EMR, EL
Bearish Watch:
SYK, H, GLD, WLL, IOC, APA, ANR, LH, YGE, ABFS, AMSC, MAC, BBY, TSL, SINA, TXT, TIE, PCX, OI, AMAG, HP
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.
