Good evening StockBandits!
Despite the run of the previous three sessions, the bulls didn’t back down at all today as they propelled the major averages to new recovery highs. Each of the big three indexes added more than 1%, which is no small feat considering they were becoming a bit short-term stretched before today’s session even started. Nonetheless, the buyers have momentum right now, and on a light-volume week ahead of a major holiday, nobody seems interested in getting in the way.
The issue here from not only a technical but also a psychological standpoint is simply finding entries. Most names have seen considerable volatility in recent weeks, then have abruptly turned higher over the past few days and now are in no-man’s-land when it comes to tradable setups. Toss into the mix that tomorrow’s a mid-summer Friday in front of a 3-day holiday weekend, and we could see some quiet activity as the market digests this move and traders step away to fire up the BBQ or hit the pool.
I’m looking at a few day trading candidates for tomorrow, which I’ll outline in the video. There remains a distinct lack of setups for swing trades right now, so until we see things settle down and aren’t seeing daily triple-digit moves, the most appropriate way to manage risk is via shortened timeframes.
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: DE, MELI, P, CTSH, MTL
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.
