Good evening StockBandits!
A sluggish start to the day was ultimately resolved to the upside today as the major indexes erased their early losses to finish higher. The NAZ and RUT both trended quite well intraday to lead the way higher, while the DJIA and S&P posted modest gains.
Volume remained light, and with tomorrow being a Friday ahead of a 3-day weekend (market will be closed Monday for Memorial Day), we could see even less activity. Schools are finishing, summer is arriving, and that simply pulls traders away from their screens temporarily this time of year. With that in mind, I’d caution to tread lightly tomorrow, particularly as the afternoon sets in. If there’s an absence of an intraday trend, it could quite easily stay choppy, which makes for a much tougher trading session. Rather than churn commissions for your broker, be sure there’s some good momentum if you’re going to push buttons tomorrow!
With that said, this rebound from support is continuing to gain traction. Quite a few stocks have pulled back into support zones and now have descending trend lines overhead which could serve as pivots for turns back up. My focus for Friday will be on day trades (aside from the two untriggered stocks on the Hit List which I will still enter if they go), and then next week I’ll look at some additional swing setups if they’re still poised for moves. Essentially, I don’t want to be adding much exposure on a pre-holiday Friday when volume is likely to sag.
Have a safe and fun Memorial Day weekend!
I’ll cover my game plan for tomorrow in the video, and as always, feel free to share your own thoughts, trade ideas, and questions down below in the comments section.
Here is tonight’s video:
The Bandit Broadcast Video – Click to Watch!
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Video Stocks Discussed: SQNS, X, SWKS, COP, WDC
Swing Trading Candidates:
NONE TONIGHT
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The Hit List is a separate post which contains discussion on open positions and swing trade stops and targets, so be sure to check it for further details on swing trades.
