Good evening StockBandits!
Morning weakness was followed by some afternoon stability and upside, leaving the NAZ near Friday’s closing level while the S&P 500 and DJIA were able to post gains. Today’s lack of weakness obviously negated the concerns of many who expected to see some downside follow through, and once again we saw a dip get bought.
That dynamic has dominated this market for more than a year now, and it’s not likely to change without the buyers putting up a fight. They’ve simply been paid too well to give up on what’s been a successful strategy for this long. So while the uptrend remains somewhat long in the tooth, both in the short-term (from the February lows), and in the intermediate-term (13-month rally), it might just continue for a while. A pullback or some extended rest phase would be a welcomed sight to many, but for now the wait continues.
Very little is showing up in the charts tonight for new plays tomorrow, but that’s a reminder that it’s all about quality rather than quantity. More good setups will arrive soon, so while we wait for those patterns to mature, selectivity is the key.
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: TUES, FO, JOE, PEI, FFIV, APOL, DV, FAST
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
PDCO, WMS, JOE, TSRA, APOL, LPX, DV, IRE, HD, FAST, PEI, LCAPA
Bearish Watch:
CAG, CF, GDP
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.
