Good evening StockBandits!
The market was quiet today ahead of tomorrow’s highly-anticipated jobs report, and as a result we saw mixed results and minor net changes for the indexes. The NAZ and RUT were able to tack on a few points, while the S&P 500 and DJIA gave up just a little ground. Volume picked up with today’s action, although it didn’t translate into anything meaningful on the technical front and was likely just attributed to end-of-the-quarter activity.
With tomorrow’s nonfarm payrolls gathering all the attention in the premarket, it could quite easily produce a significant gap on the open. Toss into the mix the recent tendency (although March was an exception) of the market to tack on gains on the first trading session of the month, and we could see a sizeable move. The indexes are still stretched in the near term, so a pullback from here wouldn’t be a big negative (even for the bulls). However, the current momentum is to the upside, so it’s important not to go hunting shorts simply because we’re overbought. Remember, we could stay that way for some time.
My plan for Friday will revolve around a handful of day trade candidates in stocks which look ripe for short-term dips or rips. This is still a tricky environment at the moment, so I’m still looking to limit swing trades to those setups which I feel offer good risk-reward profiles and which are not extended. All else I’m simply looking at as rentals, whether on the long or short side.
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!
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Video Stocks Discussed: MTZ, ARBA, TEX, MGA, CAM
Swing Trading Candidates:
NONE TONIGHT
[table “16” not found /]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.
I noticed your hit list is not up. Do you still have open postions in MET and MDR?
Hey Phil,
It is down beneath the Broadcast, scroll down and you should see the Hit List and notes regarding open positions.
Go get ’em Friday!