Good evening StockBandits!
The long weekend kept the buyers away for 3 days, but today they returned with enough push to propel the DJIA and S&P 500 each to new 52-week highs. The NAZ stopped just a few points shy of short-term resistance, but all in all it was another positive session in every way. Early strength was quickly followed by some additional buying, but from there things leveled off considerably with a narrow trading range for the remainder of the session.
We did see a rest phase in the past 2 weeks with merely some lateral price movement, and that has thus far proven to be of benefit to many individual charts. Stocks which were able to consolidate, even briefly, are now back on the move again to continue their uptrends.
The trading environment remains an interesting one though. There’s persistent strength, which so far hasn’t abated. At the same time though, the intraday action continues to lack the spark that most active traders really desire. The daily trading ranges have been narrow, exhibiting a lack of volatility, which in turn keeps opportunities limited to the daily charts in most cases. Eventually that will change, and more movement will appear on the shorter timeframes, but for now we’ll take what the market has to offer and make the most of it.
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!
–
Video Stocks Discussed: VTIV, UNP, SKX, DPZ, MON, GGC, CAG
Swing Trading Candidates:
GGC just established a higher low on the daily chart and now appears ready to push through key resistance. A move up through $19.15 should put this one back on the move, so I’ll be a buyer when that occurs.
CAG turned decisively lower a couple of weeks ago, and since then the stock has been unable to make much lasting upside progress. A bearish rising wedge has emerged on the daily chart, and a confirmation of that pattern would take place with a break of the lower rising trend line at $25. I’ll be going short this stock if when that break happens.
Bullish Watch:
GGC, TIE, FO, BID, TMK, LLEN, PCL, A, KSU, RCL, R, PFCB, JOE, VTIV, MLNX, ACXM, BAC, CRL, CLF, CBL, UNP, RQI, CATM, SKX, DPZ, EZCH, KEY, CIGX, MEE, AIG
Bearish Watch:
CAG, MON, ENDP, F
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.
