Good evening StockBandits!
Following the previous week which ended with the biggest decline in more than 2 months, last week we saw the indexes make a complete recovery. The buyers emerged once again to support stocks on weakness, keeping the pullback shallow and short-lived before finishing the week by making new 52-week highs across the board.
The pace of the uptrend which began in early February has slowed, as price has been hugging the uptrend line in the NAZ for the past few weeks. However, the uptrends remain intact in each of the major averages. While many traders are eager to proclaim the end of the rally being near, the fact is that no technical proof has emerged yet to support that notion. It’s wise to keep a close eye on major levels which may be coming into view as resistance, but predicting a turn is for amateurs and isn’t where the real money is made. Keep that in mind this week, and always let the charts dictate the plan of action.
Heading into Monday, I see a handful of plays which interest me, primarily for day trades. The earnings calendar must be noticed right now, as many companies are due to report in the next couple of weeks. That’s also keeping my timeframe shorter for some of these plays, but once earnings season blows over we should be able to get more aggressive with the swing trades again. April has been a good month, so let’s close it out in a solid fashion!
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: FSLR, FINL, HLX, GMCR, MTG, ATPG
Swing Trading Candidates:
ATPG saw a key breakout a few weeks ago with some solid upside follow through. Last week the stock pulled back gradually, but is holding steady. A move up through the yellow descending trend line could put this stock back on the move for a secondary move higher, so I’ll be a buyer if and when this one clears the $22.80 level.
Bullish Watch:
ATPG, CRUS, HLX, NTRI, CBI, MTW, GDP, HXM, RGLD, GE, THC, FSLR, AEM, FINL, SLW, IMGN, TD
Bearish Watch:
CF, GMCR, MON, RINO, NTY, MTG
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.
