Good evening StockBandits!
Encouraging earnings reports out of INTC and JPM set a positive tone for stocks this morning, as earnings season is just now getting underway. The preliminary reports from big names can often rattle the market, or put it at ease, and today the latter was the case. A gap up this morning left traders watching carefully for a possible sell-the-news response, but that never came. Instead, stocks began to climb and they trended higher for the remainder of the session.
Today’s move was important for a few reasons. First, it provided a nice lift within the uptrend channels for the indexes. That lifts price well clear of the uptrend lines which have been serving as support, and as I’ve noted here recently, that separation is where the best money can be made during acceleration phases. Second, today’s gains were considerably bigger than we’ve seen of late. That expansion in the ranges helps to shake things up a bit in the charts, which is a good thing. Some enthusiasm points to greater participation by the bulls, rather than simply short-covering on any minor dip by the bears. And finally, volume expanded nicely today. This is an options expiration week, which last night I mentioned is often accompanied by some volume spikes, but to see volume spike along with a surge in price shows ample participation on the buy side, which gives today’s move a greater degree of credibility.
Many stocks moved with the market today, but there are still a lot of great setups out there. I’ll continue to focus on the best I can find and present them here as they emerge.
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: PCX, GGB, UYM, TEX, PMI
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
LEA, PDCO, PCX, RDN, FNSR, PXD, VMW, ACXM, PMI, AMR, CLF, WMS, HOG, GGB, BUCY, STT, V, EMR, ZQK, FFIV, LNG, TEX, UYM, WLL, TPX, WLT, SOLF, NTAP, PRU, FTI, ROST, BZ, MDRX
Bearish Watch:
MON, AGN, SOHU, MEE, MOS
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.
Hi Jeff,
What do i have to do to and or download to follow you on twitter.
Great calls you are doing with your nightly picks.
Thanks,
Joel
Hey Joel!
Twitter is easy, just go to Twitter.com and set up an account. Once you’ve done that, head to https://twitter.com/thestockbandit and click on the button up top that says ‘Follow’. Then anytime I put out something, it will show up in your Twitter timeline, either on the Twitter homepage, or on an app on your phone, or on a standalone desktop application such as TweetDeck.
Hope this helps, and glad you’re making some money on the plays highlighted here. Let’s find some more of them!