Good evening StockBandits!
The bulls notched another victory today, albeit largely a psychological one, as the major averages finished green across the board. The NAZ was the standout with a gain just shy of 1%, while the DJIA and S&P 500 finished just a few points above Tuesday’s closing levels. The intraday action sure didn’t offer much, aside from a few news spikes in individual stocks, with the indexes spending the bulk of the day bound by trading ranges. That made for some churning conditions, and a lack of intraday momentum, although on the daily charts the upward movement is still underway.
At the risk of sounding like a broken record, this market is badly in need of some rest. With each day, that’s becoming more and more of a necessity, as the current advance is not happening at a sustainable pace. That isn’t to suggest a big pullback is needed, but even several days of sideways price action would help. The shorts are on the run as each day brings more green, but at some point that’s going to change. Just a year ago it felt like the market may never go up again, and now it feels like it may never go down. Both are incorrect, and that’s important to keep in mind in this kind of one-way environment.
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: LCAPA, SWK, BEXP, VMC, QCOM
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
LCAPA, WLP, VRX, BID, SWK, MTB, VOLC, BEXP, CTSH
Bearish Watch:
ANW, RHB, VMC, BYI
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.
