Good evening StockBandits!
Early weakness set the stage for a decent pullback to kick in, but once again, the buyers emerged to protect key uptrend lines in the indexes. That sparked a gradual rally for the remainder of the session which took the market back into positive territory by the end of the day. And while the net gains were far from impressive, it was certainly a psychological win for the buyers to once again prevent any downside from getting traction.
The S&P 500 is still struggling to overcome the 1200 level, which was support in July 2008 and hasn’t been seen since September 2008. The uptrends which began from the February lows are still very much intact, and yet the upside has been rather limited lately. That’s keeping me favoring the long side, but I’m keeping a close watch on my positions (and the market) in case we see things begin to slip. I lightened up my exposure today by booking gains in a few names, but there will still be opportunities if we continue to pay attention. That’s my game plan as we head into Wednesday.
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: ZQK, X, CENX, FFIV, MEE, PDCO
Swing Trading Candidates:
PDCO is sitting at the top end of a multi-week channel, and now appears poised for a breakout. A move up through $31.40 should put this stock back on the move, with the next resistance still a considerable distance away. I’ll be a buyer if a breakout occurs, and I’ll maintain a pretty conservative stop in case of a reversal.
Bullish Watch:
LEA, PDCO, PXD, CNW, PCL, DPZ, UTSI, WMS, SLXP, FR, V, NFLX, EMR, X, ZQK, HTZ, PEI, SKS, CENX, FCX, ANR, CRUS, SUSQ, FFIV, LNG, APOL
Bearish Watch:
CAGC, SOHU, AGN, CAG, MON, MEE, MR
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.
