Good evening StockBandits!
An opening gap to the upside started the day off on the right foot, and stocks never looked back. Instead, they trended higher for the remainder of the day, handing the major averages 1%+ moves across the board. Volume held up well, and it truly was a strong day no matter how you measure it.
What’s notable though is that we’re still range-bound. Tuesday’s decline was a nasty one, but it’s since been pretty much forgotten. Such is the case when prices are bound by trading ranges. Today’s positive tone was nice, but if the range persists, it will soon be forgotten as well. The point I’m making is this: embrace strength or weakness once we exit this range. Until then, more indecision is to be expected in between the boundaries of the recent highs and short-term lows (as I noted last night here).
Heading into Friday, with the indexes still not back on the run and ahead of the weekend, I’m looking to day trade. I fully expect to see more swings setting up soon, but the best patterns I see right now are stocks sitting very high in their charts, and those haven’t paid the best. I’m still willing to take them for trades, but only for single-day moves. Hopefully next week we’ll get some more patterns emerging which call for multi-day plays.
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: THC, SHLD, GET, CPHD, X
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
GRT, THC, NFLX, R, HSY, CSTR, PHM, HOV, SPF, USG, TOL, LCAPA, SUSQ, FFIV, MGM, TRN, APPY, URI, ISLN, SHLD, SNDK, ROVI, GET, DHR, CPHD
Bearish Watch:
CAGC, CRL, AIG, X, RINO, BG
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.
