Good evening StockBandits!
Early strength created the highs of the session by mid-morning today before the buyers eased off the pedal and prices retreated a bit. The NAZ gave up a few points, while the DJIA and S&P benefited from gains in blue chips like T and GE. In the end, the indexes respected recent levels and nothing of great technical significance took place.
That’s often the case when traders are on hold for big events like they were today. We have a slew of earnings reports tonight, including AAPL. The stock has sold off from its recent high into the report, but after hours we’re seeing lots of strength there, and the NAZ futures are responding on the heels of the strength in that leadership stock. Furthermore, AAPL will undoubtedly set the tone for at least the NAZ tomorrow, so we’re likely looking at a gap up to start the day.
Tomorrow we also have the FOMC announcement on rates and its accompanying policy statement, which of course has tremendous potential to move the market one way or another. Needless to say, it’s a time to look both ways and check all the scheduled news before crossing the Street.
I’m heading to the Texas Rangers / New York Yankees baseball game tonight with my family, hence the early report. Take it easy tomorrow and stay attentive as there should be no shortage of events to prompt spikes in prices. If you don’t see what you like, be willing to sit on your hands.
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: SODA, TK, MOS, MGM, TIF
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.
