Good evening StockBandits!
The indexes finished red today with morning indecision getting resolved to the downside. We saw the selling intensify mid-afternoon before a late-day bounce erased some of the day’s losses. The indexes tested (and therefore further validated) some short-term levels today, helping to define the zones we’ll need to watch the closest in the days ahead.
Most of the attention was on story stocks after a number of big gaps in both directions on the heels of earnings reports. Those offered some ‘in play’ stocks to focus on, while reminding us to keep an eye on the earnings calendar in order to avoid such surprises.
Tonight I’m not seeing a lot of great interest outside single-day plays, so that’s what I’ll be giving my attention to tomorrow. We have option expiration day, which lately has been grounds for lots of churning and very little overall movement. Combined with the indexes short-term range-bound here, it’s cause for narrower timeframes and lowered expectations for lasting moves until we exit the ranges.
I’ll cover my game plan for tomorrow in the video, and as always, feel free to share your own thoughts, trade ideas, and questions down below in the comments section.
Here is tonight’s video:
The Bandit Broadcast Video – Click to Watch!
Video Stocks Discussed: CLNE, DFS, NEM, IDCC, SFLY, MRO
Swing Trading Candidates:
NONE TONIGHT
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The Hit List is a separate post which contains discussion on open positions and swing trade stops and targets, so be sure to check it for further details on swing trades.
Hi Jeff,
What an interesting market. Hey, AMGN came up on a screen of mine and I know you did a short video of it. If it can break 68.20, how does it look to you?
Hey Jim,
AMGN is still caught in a 2 1/2 month channel but yes a push through 68.20 would exit the upper end so I would like that play. Earnings appear scheduled for 4/24 (next week) so that may ultimately be the catalyst to produce an upside exit or a move down and out of the channel which would of course negate the pattern. I’d personally wait for the earnings announcement to pass then eye the technicals. Good setup!
Go get ’em tomorrow and enjoy your weekend!