Good evening StockBandits!
Another push higher this morning took the indexes back to more new highs, but the strength proved to be fleeting as an afternoon selloff erased the day’s gains. It wasn’t a negative experience though, as the major averages finished just a short distance from Wednesday’s closing levels.
Today’s afternoon rollover does indicate some fatigue setting in, as it’s been unusual to see this market give up gains. What it’s been more known for is its ability to erase deficits, as stocks have been bought on every single dip. A move like we saw this afternoon doesn’t mean the party is over, because the bulls are likely to defend their recent success, but it does indicate some added caution on the long side is warranted here.
With that in mind, I’m planning to take a pretty conservative approach as we head into the final session of the week. Spring fever may hit traders with the urge to get away from the screens in the afternoon, and I want to be mindful of that as well and stay selective.
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: LEA, DPZ, MED, ANW, SQM
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
DPZ, JOE, LEA, AIG, A, CPE, AET
Bearish Watch:
MED, PXP, ANW, KOL, SPWRA, COG, UIS, UTHR, SQM, HP, RRC, SYNA, DTV, CF, SU, DO, AGQ, ECA, MMR
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.
