Good evening StockBandits!
Today we saw a little bit of profit-taking kick in as stocks worked their way lower into the early afternoon. From there, we saw support hold and a modest bounce delivered a partial recovery into the closing bell, leaving the indexes in the red but not by much. It was important to see short-term levels hold as recent resistance became support for the NAZ, making it overall another constructive day for the charts.
The days ahead will show whether this is yet another pullback that will get bought aggressively like every other one we’ve seen of late, but so far there has been no change of character and therefore no reason to jump to conclusions. Eventually we’ll see a deeper pullback, but this particular dip hasn’t yet indicated anything ominous.
In digging through the charts tonight, I noticed fewer setups which look poised for imminent moves, so tonight’s video is a bit shorter and so is my trade list for Thursday. At times it’s just that way, so rather than forcing trades for the entertainment of it, I’m just looking to stick with the setups which appear to have some potential for tomorrow’s session.
By the way, even though you have access to me anytime as a subscriber, I wanted to let you know I’ll be doing a live chat tomorrow from 11:30am ET until 12pm ET in case you’d like to join me. It’s in conjunction with the eTradingExpo, is completely free, and you can register at this link. I’ll be discussing Adapting to Changing Market Conditions and answering questions along the way – hope you can make it!
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: KSU, SFLY, JAH, FSLR
Swing Trading Candidates:
NONE TONIGHT
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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.
