Good evening StockBandits!
The market fluttered around in a choppy trading range for most of the day, staying in negative territory with no momentum. Some afternoon selling pressure ultimately made the biggest difference, leaving the indexes underwater but still not far from Tuesday’s closing levels.
The only event of technical significance took place in the DJIA, which has been the lagging index among the big 3. Today it broke its uptrend line from the February low, which doesn’t yet point to a change of direction but rather a change of pace for the existing trend. It may be an early warning signal that some weakness could set in, but the short-term trading range is still intact, and price was bound to eventually undercut the uptrend line even if it simply moved sideways. The NAZ and S&P 500 are both still hovering above their uptrend lines, so we’ll continue to keep a close watch on those levels just in case they happen to weaken.
Tonight I see no new setups which interest me for a multi-day timeframe, so my focus tomorrow will be on managing those stocks already on the Hit List, while looking to do a few day trades if they happen to trigger entries. Remember, good trading is about knowing when to do more and when to do less, and from the looks of the charts tonight, limited activity on Thursday seems to be warranted.
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: LEA, HOG, FO, MSG, CREE, VSEA, ALXN, F
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
LEA, GGC, CREE, MSG, CNW, PCL, AMLN, UNP, SKX, DPZ, SWK, UTSI, VSEA, TXRH, HOG, ALXN
Bearish Watch:
CAGC, MON, CAG, ENDP, F, PBR, CEPH, CHK, SY, SANM
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.
