Good evening StockBandits!
Early strength didn’t last long this morning as the sellers emerged once again to erase the day’s gains. That brought a steady downtrend into mid-day, when a bounce morphed into a reversal. Prices edged into positive territory by the end of the day, and although it wasn’t by much, it was notable that they did recover.
What was lacking today was volume on the upside, which makes today’s bounce difficult to trust at face value. We had seen a pretty good move lower from Thursday’s highs of last week, and a little relief may simply have been needed. It may still carry over into tomorrow though, so I’m not counting anything out.
We’re in an environment right now in which anything goes, so it’s certainly no time to get married to an opinion. I’m trying to stay flexible, and if more technical action surfaces which warrants a more bullish stance, I’ll embrace it. For the time being, I’m holding a few shorts and as we head into tomorrow I’m eyeing a few potential plays in both directions. As more clean patterns arrive and we get some price action which is a bit more steady, I’ll be looking to add more overnight exposure – whichever way that may be.
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: ORLY, BVN, CLH, EVVV, CAGC, RIG
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
CSTR, DM, VCI, PACR, GG, ORLY, BVN, HMIN, SBH, CLH, EVVV, PEI, THOR
Bearish Watch:
CAGC, CF, MCO, RIG, VPRT, DO, ATW, LLL, EL, UNT, CIT, SNDA, ATK
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.
