Good evening StockBandits!
For a holiday-shortened trading week in which the action should be more condensed, there sure wasn’t much taking place today. Perhaps the quarter-end activity has already occurred, but the fact of the matter is that today’s trading ranges were quite narrow and volume was very light. That made for some choppy conditions in which doing less was certainly better than more.
In looking through many charts of individual stocks tonight, I did see one thing for the first time in a while which has been distinctly absent: some bases beginning to form. The quiet action in recent days has gone a long way towards improving the number of stocks which are suitable for trading, as I’ve been very reluctant to chase extended names after big recent runs. A few days can have a dramatic impact on the appearance of a chart, and that’s certainly encouraging for the days ahead.
Heading into Tuesday, we have no guarantee the action will improve, but if it does, there are quite a few stocks emerging which could offer some potential. I would expect that to continue to be the case these next few days, barring any sudden changes in the overall price action. As usual, I’ll be waiting for stocks to hint at imminent moves, and watching key levels before looking to get aggressive.
By the way, I am doing a webinar Tuesday night with the folks at Worden, so be sure to register as it’s free and I’d love for you to attend. I’ll be going through charts for 30 minutes and then we’ll have 15min of Q&A to round out the evening. A recording will also be available for those registered. Here’s the link to get registered, and hope I see you there at 8pm ET!
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: CREE, CTEL, RDN, DE, AGP, AET, MLHR, GDP, UTHR, COL, HMA, PCX, RYN, TMK
Swing Trading Candidates:
TMK remains in a nice uptrend here, and for the past several sessions has put in some needed rest. A turn higher from here up through the trend line at $53.65 could put this one back on the move for another leg higher within the trend, so I’ll be using that level as a pivot for a buy.
Bullish Watch:
COL, BA, EFX, DLTR, HMA, HAR, PKI, HE, CVI, PDCO, CREE, PCX, CTEL, RDN, RYN, CDNS, MGA, WYNN, FO, BID, DE, AGP, AET, TMK, LLEN
Bearish Watch:
UTHR, MLHR, GDP, DSW
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.
