Good evening StockBandits!
A minor gap down this morning set the early tone for the market on the heels of yesterday’s new 52-week highs. However, traders allowed stocks to sit underwater for the remainder of the day, unwilling to step in (yet) and buy the dip. To the credit of the bulls, as if they needed any, the downside didn’t gather any momentum either. That left us with a slightly negative session which was characterized by a narrow trading range as much as anything.
Each of the indexes posted inside bars on their daily charts, which often times simply prove to be continuation setups for the prevailing trend. We’ll know tomorrow whether that’s the case or not, but either way, this market has been relentlessly strong and deserving of respect.
After looking through a great number of individual charts tonight, there’s not an abundance of setups to eye for Thursday. As a result, I’m looking to stay pretty selective and keep a tight leash on any new trades.
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: PHM, CREE, EFX, LYV, CPE, CTXS, UTHR, SWN
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
EFX, CSTR, CREE, FRT, H, BBBB, JOE, ACXM, CIT, MBI, LYV, CPE, PHM, CTXS, GRT
Bearish Watch:
UTHR, UIS, ADM, ATW, XEC, FSLR, KOL, SPWRA, HLX, SQM, SWN, JRCC, HP, RRC
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.
