Good evening StockBandits!
A minor attempt at some downside this morning never gained traction, and instead the day ended with some late strength. That resulted in the 9th gain in the past 10 sessions for the NAZ and S&P 500, which is the data behind the feeling of this being a one-way market.
What’s so interesting to me is that we’ve seen very limited intraday momentum on the upside, despite the nonstop action on the daily charts. That means for day trading it’s a quick-hit environment, and it means for swing trading there’s currently a distinct lack of high-quality setups given the inability of this market (and individual names alike) to put in adequate rest. We desperately need that for good bases to form, but at the moment, the wait is still on.
As we head into the end of the trading week, it’s important to remember that it’s still early March, and trades need not be forced at this time. Capital preservation is the best course of action right now if you’re not a day trader, so don’t feel guilty about sitting on your hands. That’s going to change, and we’ll see much better conditions emerge for multi-day moves and swing trading once volatility is able to increase. That may happen sooner than later – anything is possible in the market. I’ll certainly keep digging for the best setups around, and I’ll present them here as I find them, just as I have for 5 1/2 years. Make it a great end to the week, and I’ll see you back here on Sunday!
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: SINA, BBBB, BID, CNAM, GVA
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
SFD, VRX, CMG, MED, APL, WLP, F, UAUA, LCAPA, BBBB, BID, CNAM, BEXP, CIT, AMG, HOT, SINA
Bearish Watch:
AGU, ANW, GVA
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.
