Good evening StockBandits!
For an FOMC day, it sure wasn’t very lively out there. Stocks were sluggish all day as they tested the waters both on the downside and upside, only to finish little-changed from last night’s levels. Momentum was fleeting, and it was truly a flipper’s market today with the frequent changes of direction we saw.
And while today’s action itself wasn’t impressive, it may have some implications for prices in the days ahead. Note that I said ‘it may have.’ What’s of interest is that we’ve pulled back from Monday’s highs, and today prices stabilized. We didn’t finish strong, but we did finish off the lows of the day. That might point to some short-term pullback fatigue, so tomorrow could be telling in that regard. A turn higher from here, or even some additional stabilization, would add credibility to the possibility of a higher low resulting from this dip. The big advance from the June lows sets up that scenario, but the bulls are going to have to go out and make it happen.
For the time being, we’re still inside the trading ranges on the NAZ, S&P 500, and RUT, so for me that means I’m waiting for more technical proof of a higher low being established before I will commit much capital for more than just quick trades. With that said, there are several names I’m eyeing for trades tomorrow, and I’ll outline them in detail in tonight’s video.
Here is tonight’s video:
The Bandit Broadcast Video – Click to Watch!
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Video Stocks Discussed: CTRP, CF, VECO, CBOE, OVTI, BP
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
LVS, GOLD, AZO, RBCN, ANV, FFIV, MENT, CTRP, ARUN, YGE, CF, OVTI, ARMH, MHP, EGO, CRUS, CBOE, VECO
Bearish Watch:
BP, AMG, APC, F, GPN
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.
