Good evening StockBandits!
Today we saw a day of digestion after Tuesday’s big run as the indexes finished mixed and little-changed. Minor progress was made early in the session, but for the remainder of the day we saw choppy, range-bound type of action which really didn’t lend itself to high-probability plays. Often times we see this occur after a large move, so it could be that tomorrow we get some better action.
On the positive side, the breakout is holding for the Big 3 indexes, and every day we spend above those prior resistance zones is important. If we’re to build on the trading ranges we just cleared, days like today (although boring) are constructive and they play their part.
The standout negative today was the action in the small caps, as the RUT shed almost 1%. That’s the speculative bunch in the market, so to see it still stopping shy of a breakout is potentially noteworthy. The 815 level could offer support if tested again, and this index just saw a big pop over the previous 5 days, so a little profit-taking may not be a bad thing.
My watch lists are more condensed tonight, presumably due to some of the bullish stocks acting a bit stretched here, and that’s alright. My aim is to focus on the names which have the best potential for moves in the next couple of days, and at times that simply is a shorter list. It’s all about quality.
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: YNDX, CZR, NFLX, DECK, APOL, ANR
Swing Trading Candidates:
NONE TONIGHT
[table “239” not found /]
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.
