Good evening StockBandits!
A nice rally off the open today provided enough lift to put the indexes in positive territory, where they also ended. The early strength was followed by a few hours of basing action, with traders unwilling to put more capital to work. We’ve seen a nice rally in the last several sessions, so at this point perhaps some rest is starting to arrive.
Price has surged enough that there’s a decent cushion in the NAZ and S&P 500 between current levels and the uptrend lines, which could allow for some rest or a pullback in the short term. However, the buyers have momentum on their side, so a continued lift is not out of the question.
Tomorrow is an options expiration Friday, and as I’ve noted here many times before, those days tend to bring with them some unusual price action compared to most other days. That, combined with the fact that I simply don’t see a lot of setups in the charts tonight leaves me looking to do very little on Friday aside from perhaps a couple of day trades and the management of my current open positions. There have been some good moves this week for us, but when the setups aren’t there, it’s a reminder not to force trades. Making money is nice, but giving it back is no fun, so protect capital whenever the conditions warrant a more conservative approach. That’s my plan heading into Friday.
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: TIE, FO, SFL, IVN, FCX, APOL, WLT, LPX, YGE, STP, CBI, MEE
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
COL, LEA, PDCO, PCX, FO, GR, VMW, ACXM, PMI, TXRH, WMS, STT, UYM, WLT, MBI, MF, LPX, CBI
Bearish Watch:
CAG, MON, MEE, RTI
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.
