Good evening StockBandits!
The indexes did their best to get positive today after Wednesday’s slaughter, but on the NAZ was able to post a gain. Even that was just a few points, while the DJIA, S&P and RUT each finished in the red. The damage wasn’t much – and the S&P held 1312 – but psychologically it was a win for the bears after so many expected to see a bounce attempt take place today.
All the back and forth of the past several sessions has really kept the charts of individual stocks quite messy. We saw a multi-day advance which produced some upside momentum in quite a few, but a rest was needed. Instead of some quiet basing action, the market sold off sharply, bringing those stocks right back to recent levels and negating the progress they had made. As a result, there aren’t many clean setups out there to focus on tonight. Sometimes that’s the case, and when it is, we don’t force trades. We take what the market offers us and wait for better opportunities to present themselves – and they will…it’s a long year.
Tomorrow morning in the pre-market we have the always-anticipated jobs report, and that could produce an opening gap one way or another, depending of course upon how the news is interpreted. I have no bias with which way we go from here, but if I had to take a shot on a gap fill, I’d consider getting long on a downside gap (via ETF’s). I say that simply because that could prove to be a short-term exhaustion move, so if we open weak and the gap begins to fill, stay on your toes. Again though, it’s all going to be a knee-jerk response to the data in the early going, and then we’ll shift our focus to whether or not 1312 can continue to hold.
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: YOKU, SODA, EMC, X
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.
