Good evening StockBandits!
Stocks began the day with a weak tone this morning, but buyers stepped in rather quickly to produce some steady upside from there. The indexes were all able to move into positive territory by the afternoon, with the NAZ and S&P 500 both reaching a new 52-week high as the DJIA edged toward 11,000. Things cooled off later in the session however, with the indexes finishing the day mixed and just a few points from Monday’s closing levels.
This remains an environment in which stocks are holding steady or rallying, but very few are pulling back or losing ground. Such is the nature of a strong uptrend, and it certainly is deserving of respect, but it’s still wise to carefully consider each new purchase at this stage in the game. There are still quite a few bullish charts out there, so the key is to weigh the risk/reward for each one, and consider whether the stock is short-term extended or has been basing. I’ve been finding some of these in recent days, and will continue to highlight them here while this remains the case.
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: FO, SKX, SWK, MON, F, MSG
Swing Trading Candidates:
MSG is sitting in a high channel or rectangle pattern near highs, and today’s uptick in volume suggests a breakout may be coming any day. I’ll be a buyer if this one can clear the $22.15 level and start a new leg higher within the uptrend.
Bullish Watch:
LEA, LPNT, HMA, GGC, PDCO, MSG, FO, TMK, PCL, CNW, KSU, DMND, VMW, PFCB, JOE, VTIV, ROK, DAL, BAC, UNP, RQI, CATM, SKX, DPZ, EZCH, AA, SWK, SFLY, ULTA, LZ, TRMB
Bearish Watch:
CAG, MON, CAGC, 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.
MON does have earnings in the pre-market, so if the stock gaps through my trigger price I’ll simply skip the trade. Since this is only a day trade candidate, I don’t mind setting up the trade in case it trades down through the $69.50 level during the regular session.