Good evening StockBandits!
The 2nd Quarter started off with more upside on Thursday, as traders wasted no time in bidding stocks up once again ahead of the long holiday weekend. Although the early strength did fade during the session, enough afternoon strength emerged to propel stocks back into positive territory. The senior indexes led the way with the DJIA and S&P 500 each tagging new 52-week highs, while the NAZ lagged slightly.
All in all, this remains a very strong environment. We haven’t seen the kinds of big point gains on a day to day basis which previous advances have allowed, but the buyers are doing a nice job of holding their ground and not allowing much downside either. In fact, about the only thing we’ve seen aside from upside is some lateral consolidation, which has been very helpful for individual charts to construct new bases.
As we head into this week, I’m keeping an eye on a number of stocks which have put in some needed rest in recent days, and that may serve to keep things afloat for a little longer. Now that the indexes have been able to consolidate for several sessions, they may also attempt to head higher from here once again. The uptrend lines are still to be watched closely, but at this point we have no technical reason to expect a pullback or reversal until those get broken.
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: LPNT, PCL, RCL, R, BAC, CAG
Swing Trading Candidates:
CBL spent several weeks in rally mode before putting in some needed rest just recently. The pullback has been mild, and the volatility has contracted, creating this large bull pennant pattern. A breakout at $14.30 would clear the upper trend line and put this one back on the move.
Bullish Watch:
DLTR, LEA, GD, LPNT, CISG, PCX, CTEL, LLEN, PCL, CNW, RCL, R, DAL, CEDC, STI, BAC, FOE, CRL, AMLN, CLF, SWC, CELG, CBL, ALKS, VAR
Bearish Watch:
MON, ENDP, CAG
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.
