Good evening StockBandits!
Today’s action was quite indecisive right from the start, with some intraday reversals preventing either side from gaining any lasting momentum. In the end, the market finished little-changed from Friday’s levels, but yet in the red once again.
Some important levels are still being respected though, and that holds a little promise for now for the buyers. Nonetheless, the bulls will need to get in gear soon and put cash to work if they want to produce that higher low they’re looking for, rather than simply stand aside and allow the bears to send stocks right back toward the lows.
If there’s one thing that’s been consistent about this market for the past couple of months, it’s the fact that reversals have come on a pretty regular basis. Timing is everything in trading, but of course if an upside reversal arrives sooner than later, it would give the index charts a far better appearance for those who are looking for higher prices. For the moment though, things are simply stabilizing, leaving the ball in the bulls’ court.
Heading into Tuesday, there are a handful of charts I like the looks of, but only for quick trades. One of the swing trades from last night’s Broadcast triggered today (FAST), while the other (CTRP) did not and has been removed due to relative weakness today. More notes are of course included in the Hit List post.
Overall, I’m staying conservative here while waiting for the next move to begin, and that should allow me to move quickly once this rest phase is completed. I’ll cover my plays for tomorrow in tonight’s video – hope you enjoy it!
Here is tonight’s video:
The Bandit Broadcast Video – Click to Watch!
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Video Stocks Discussed: CRUS, NZ, AGP, FTI, CNW, DV
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
AKAM, FFIV, SRCL, FAST, OVTI, ARMH, CRUS, NZ, NTES
Bearish Watch:
RL, DO, MED, HD, AGP, AMG, FTI, QCOM, WDC, PBR, UPS, CNW, GES, R, MON, FO, AGU, DV, LLL, ANF, CEDC, DRQ
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.
