Good evening StockBandits!
Today we saw the 6th straight positive start to a new month as Quarter 2 began with solid gains posted across the board. Initial indecision was quickly resolved to the upside with the morning gap being filled and a steady ascent into the afternoon. The indexes finished near their highs, reclaiming some short-term levels and in the case of the DJIA and S&P 500, marking new recovery highs in the process.
A number of individual stocks remain bullish, and with the market again rebounding here from another short-term dip it’s apparent that the long side is still the one to favor – at least until something changes from a character standpoint. Dips are still being bought more aggressively than breakouts, so it’s still important to finesse entries rather than chase strength the way you can in a momentum-based environment.
By the way, be sure to catch the video I posted today from the new series I’m doing called When The Bell Rings. I’ll be doing more of them going forward but am excited to be putting in some face time on some of the videos as I bring you different kinds of insights.
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: SPW, MCO, INXN, FSLR, JEF
Swing Trading Candidates:
JEF has been resting for the past couple of weeks after another move higher within its uptrend. This stock has a history of clearing descending trend lines and moving higher for multi-day advances, so with it here at the apex of this wedge I’m looking for a trade on the long side if it clears the upper trend line at $19.30. As with all swing trades, my stop and target levels for this stock are on the Hit List here inside the Hideout.
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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.
