Good evening StockBandits!
With an impressive 6-session streak on the line heading into today, the S&P 500 fell a fraction of a point shy of making it 7 today, finishing down just a couple of ticks on the session. The DJIA also finished slightly in the red, but the NAZ was able to tack on a handful of points in what overall was just a day of rest. It seems that after such a big run last week, the bulls were confident enough not to do any serious selling, yet patient enough not to chase stocks higher to begin the week. As a result, we finished right about where we started.
It was interesting to see QQQQ make a new 52-week high today by 1 cent and then turn back down slightly this afternoon, as that major ETF had not yet cleared the January highs. Apparently that nudge was just far enough to get a few shorts to cover, although no follow through was seen. There are plenty of bears in pain after the recent run, but if the overall trading range remains intact, they’ll have some opportunities ahead of them.
Overall, many stocks are still stretched rather thin from their recent run, but until the market contracts, that’s likely to remain the case. We’ll at some point see the indexes begin to move more in unison, but at the moment the NAZ is the only one hitting new 52-week highs. Either it will relent and move more with the senior indexes, or they will pick up the slack. While we wait, selectivity with new plays will be critical.
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: MU, TSRA, LZB, SWK, FCN, ANW
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
SPR, APL, MED, H, RIMM, LZB, ACXM, LEA, NKE, XTXI, CDE, SWK, MU, TSRA
Bearish Watch:
FSLR, FCN, ANW, GVA, PXD
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.
