Good evening StockBandits!
A positive start this morning sent the indexes higher, although a mid-day dip erased those early gains. Some afternoon strength did return, taking the indexes back into positive territory, but the senior indexes lagged the NAZ with only modest gains. In the end, the market finished green, posting the first consecutive advance in several weeks.
Although it’s encouraging to see recent support hold, as well as back-to-back advances, the buyers still are acting hesitant to assert themselves. That’s evident not only in the magnitude of the rallies, but in the brief nature of them, and particularly in the lack of upside volume. That points to limited participation in the buying, which suggests there isn’t a lot of fuel propelling the rise. Nonetheless, support is still holding for now, so it’s an environment which calls for abbreviated timeframes due to the lack of follow through we’re seeing in either direction.
As we head into the final session of the week, we have a big jobs report tomorrow which could easily set the tone for the day. Therefore, my focus will be on day trades while maintaining my existing swing positions (see the Hit List post for details).
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: NAV, QCOR, OII, PEI, ADM, SNDK, IT, ORLY, DRI, CF
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
UHS, NR, SNDK, AZO, NAV, QCOR, DTV, VMW, OVTI, IT, PAR, ORLY, UNG, QSFT, DGIT
Bearish Watch:
DRI, OII, ABX, PHYS, PEI, ADM, CF, MON, DWA, MOS, MCO, CECO, X, FO, SHLD, MTB, BEN, GLD
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.
