Good evening StockBandits!
Today was the day the long-awaited relief bounce kicked in, allowing the bulls a day off from their recent suffering. A relatively flat open led to some early indecision, but soon the market turned higher and trended its way higher.
The one thing that didn’t change today, however, was late-day weakness. We’ve seen that for several straight sessions now, and it’s indicative of traders unwilling to hold overnight longs. To see that occur again today on a relief rebound certainly doesn’t inspire much confidence though. If that was the best the bulls have and they can’t even post a single strong finish, it’s little wonder why we didn’t see a big spurt of short-covering as anticipated.
This was an expected rebound, by both bulls and bears. That, coupled with the poor finish, means we can’t put a lot of weight on it. The market had become short-term extended to the downside and was due to come up for some air. And while it’s too early to write off a more intense rally, the fact of the matter is that the buyers are going to have to bring a lot more power in light of today’s pathetic rally attempt.
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!
–
Video Stocks Discussed: BAS, BEXP, GDP, PDC, COST, FLR
Swing Trading Candidates:
NONE TONIGHT
[table “62” not found /]
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.
