Good evening StockBandits!
Modest upside this morning gradually gained momentum as the afternoon provided some additional lift for the market. This created across-the-board breakouts once again in the indexes as short-term resistance zones were easily cleared. That means we only saw 3 days of rest before the strength returned, which has been par for the course in recent weeks with this nonstop market.
With stocks still on the run, little has changed in the way of healthy basing action and thorough consolidations. Most individual names still need to put in rest, but the updraft isn’t allowing them to do so. Rather than attempt to predict when that may occur, our best bet is to keep working the charts in search of setups which offer some short-term potential. Eventually we’ll see better conditions arrive for putting more capital to work, but at the moment selectivity is the key to not chasing this market too far.
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: CMG, CREE, VMC, EFX, ACXM
Swing Trading Candidates:
ACXM has trended higher for many months now, running higher and building sound bases along the way. For the past few weeks, this stock has pulled back only a small amount, while generally moving sideways. This is positive basing action, and today’s turn higher on a pick up in volume implies a breakout may be coming soon. I’m watching for a move up through the trend line at $18.10 to trigger a buy as the uptrend begins a new leg higher.
Bullish Watch:
ACXM, CMG, CSIQ, JOE, GVA, DTG, FOSL, DCP, BBBB, CREE, CSTR, QCOM, VMC, MRX, BCSI, MELI, A, PNC, NTRS, MYGN, EFX
Bearish Watch:
HK, SNDA, ADM, SWN
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.
