Good evening StockBandits!
Following the creation of higher highs on Friday, the buyers picked up where they left off prior to the weekend, and stocks moved solidly higher again today as a result. Volume wasn’t impressive, and actually sagged slightly, but prices advanced as the major indexes headed toward their June highs.
All of this is no doubt bullish for the market. We’ve not only seen a dip get bought, we’ve seen upside follow through to confirm that. The issue at this point, however, is that the current advance has left many stocks rather stretched in the near term. They may be able to run higher before resting, but a pause would be extremely healthy to see at this point. In addition, it’s difficult to find prudent exits for new entries at current levels, as consolidations are well below for many stocks.
Nonetheless, there are some setups out there that I’m focused on as we head into Tuesday. They’re for day trades, as earnings season is limiting the names I’m willing to hold overnight at this point. That will change soon as more reports come forth, so for now I’ll stick with my existing overnights and look to make some quick hits tomorrow.
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: PXD, DLB, GS, CLB, MHS, NFLX
Swing Trading Candidates:
NONE TONIGHT
Bullish Watch:
PXD, BIDU, CEDC, SOL, RINO, WLP, CLGX, WHR, NBL, LCAPA, STEC, MCO, DLB, CCJ, OII, GS
Bearish Watch:
MON, POT, PRU, CLB, SLW, SYK, MHS, GDX, GG, NEM, GLD, CERN, NFLX
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.
