Good evening StockBandits!
Tuesday’s selloff saw no follow through today, as instead stocks were able to rebound – modestly. The NAZ finished higher by less than a single point, while the S&P 500 and DJIA both recovered about 1/4 of what they gave back yesterday. Hardly a relief bounce, I know, but the buyers were able to stop the bleeding.
With today being a Fed day, it would have been no surprise to see some more lively action – in either direction. But it was not to be, and ultimately we saw the indexes chalk up a day of rest after yesterday’s selloff.
I still can’t shake the notion that some shifts are taking place here with the added volatility, elevated volume, and abrupt selloff from new nominal highs made on Monday. Along with the lack of great patterns available right now, my caution is keeping me focused on the shorter timeframes (day trading) as we head into Thursday. I do expect to see more swing trades setting up soon, but I’m taking it very easy on the long side and we still don’t have a ton of technical reasons to aggressively short yet.
There are a number of stocks which are starting to build some patterns, which I’ll cover in tonight’s video along with the plays I’m focused on for Thursday.
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: SHLD, ORLY, URI, ISLN, FFIV, KNL, CSTR, ROVI, BIIB
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
KNL, FFIV, CSTR, WMS, AEM, WAL, SA, ROVI, ORI, GFI, SHLD, SNDK, AF, ORLY, NFLX, URI, ISLN
Bearish Watch:
BIIB, MASI, CAGC, UTHR, MEE, CEPH, RINO, 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.
